{
    "fund_name": "Fidelity US Quality Value UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Fidelity US Quality Value Index, which comprises large and mid-cap US equities with quality and value characteristics. The fund does not employ leverage, inverse strategies, or synthetic replication methods. It invests directly in the underlying securities of the index, with no mention of swaps, derivatives, or complex structured products. The risk profile is classified as 6/7, indicating higher risk, but this is consistent with equity market exposure. The fund is UCITS-compliant and follows a passive investment approach. The absence of derivatives beyond efficient portfolio management (EPM) and the straightforward replication method support the non-complex classification.",
    "confidence": 95,
    "counter_argument": "The high risk classification (6/7) could suggest complexity, but this is typical for equity ETFs and does not indicate structural complexity. The fund's reliance on physical replication and direct equity exposure outweighs any concerns about risk profile.",
    "final_reasoning": "The fund's physical replication, lack of derivatives, and straightforward equity exposure align with MiFID II's criteria for non-complex instruments. The risk classification is consistent with the underlying asset class and does not introduce structural complexity."
}