{
    "fund_name": "First Trust Dow Jones Internet UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Tracking a complex index (Dow Jones Internet Composite Index)",
        "Potential for significant tracking error (0-2%)",
        "High risk profile (SRRI 7)",
        "Concentration in technology/internet sector"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Dow Jones Internet Composite Index, which consists of 40 large-cap U.S. internet companies. There is no mention of synthetic replication, swaps, or leverage. The fund's risk profile is high (SRRI 7), but this is due to the underlying sector (technology/internet) rather than structural complexity. The tracking error is expected to be minimal (0-2%), and the fund invests directly in the underlying securities. While the index itself may be complex due to its sector focus, the ETF's structure is straightforward and transparent, making it suitable for retail investors.",
    "confidence": 90,
    "counter_argument": "Some may argue that the high SRRI (7) and sector concentration indicate complexity, but under MiFID II, complexity is determined by structural factors (e.g., derivatives, leverage, synthetic replication) rather than risk profile alone. The fund's physical replication and direct investment in liquid securities outweigh these concerns.",
    "final_reasoning": "The ETF is classified as non-complex because it uses physical replication, has no leverage or synthetic exposure, and invests in liquid, transparent securities. While the underlying index and sector may be high-risk, the fund's structure remains simple and suitable for retail investors."
}