{
    "type": "ETP",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The LS FAANG+ ETP is a physically replicated, UCITS-eligible product that tracks the Solactive FAANG+ Index. It holds the underlying stocks directly, with no derivatives or swaps involved in its replication method. The index is straightforward, consisting of 10 equally weighted, highly liquid US tech stocks. The risk indicator is 5 out of 7, which is medium-high but does not indicate complexity under MiFID II. The product is transparent, with clear disclosure of costs and risks, and is designed for retail investors with a recommended holding period of 5 years. The absence of leverage, derivatives, or complex structures supports a non-complex classification.",
    "confidence": 95,
    "counter_argument": "While the product is classified as medium-high risk (5/7), this alone does not make it complex under MiFID II. The risk is primarily market-related rather than structural. The physical replication and lack of derivatives or leverage are the key factors overriding the risk level in this assessment.",
    "risk_level": "medium-high"
}