{
    "fund_name": "First Trust Indxx Innovative Transaction & Process UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Indxx Blockchain Index, holding equity securities directly. There is no mention of synthetic replication, leverage, or complex derivative strategies. The risk profile is high (SRRI 6) due to the volatile nature of blockchain-related equities, but this does not inherently make it complex under MiFID II. The KIID and factsheet confirm no use of swaps, unfunded derivatives, or leverage. The fund is UCITS-compliant, which typically aligns with non-complex classification. The primary risks stem from the underlying asset class (blockchain technology) rather than structural complexity.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "Some might argue that the blockchain technology focus introduces complexity due to the speculative nature of the sector. However, MiFID II complexity is determined by structural features (e.g., derivatives, leverage) rather than the complexity of the underlying theme. The physical replication and lack of synthetic instruments or leverage keep this ETF non-complex."
}