{
    "fund_name": "ETC Group Web 3.0 UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index (Web 3.0 theme)",
        "Digital Asset Investment Risk"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication and does not employ leverage, inverse strategies, or swaps. The primary complexity factors are the thematic nature of the index (Web 3.0) and the inherent risks associated with digital asset investments. However, these do not meet the MiFID II thresholds for complexity as the fund remains transparent, liquid, and suitable for retail investors. The absence of synthetic replication, leverage, or structured features aligns with a non-complex classification.",
    "confidence": 90,
    "counter_argument": "The thematic index and digital asset exposure could be argued to introduce complexity, but the fund's physical replication method and UCITS compliance mitigate this. The risks are clearly disclosed, and the fund's structure remains straightforward.",
    "risk_profile": "The fund's risk profile is rated 7/7, primarily due to the volatility of digital asset-related equities. However, this does not automatically classify it as complex under MiFID II, as the risks are transparent and aligned with the underlying assets."
}