{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The First Trust Nasdaq Clean Edge Smart Grid Infrastructure UCITS ETF is a UCITS-compliant equity ETF domiciled in Ireland, tracking the Nasdaq OMX Clean Edge Smart Grid Infrastructure Exclusions Index. The fund uses a physical full replication method, holding equity securities in similar proportions to the index. There is no mention of synthetic replication, swap agreements, or derivative instruments used for investment purposes. The fund does not employ leverage or inverse exposure. The risk indicator in the KIID is high (7/7), reflecting the volatility of the underlying equity sector, but this is due to market risk rather than structural complexity. The PRIIPs KID shows a medium-high risk (5/7) but no complexity warnings or comprehension warnings. The monthly factsheet confirms physical replication, no use of derivatives or swaps, and a straightforward index tracking strategy focused on liquid equities in the smart grid infrastructure sector. There are no capital protection features or structured product elements. Costs are standard with no performance fees or swap fees. The complexity assessment under MiFID II therefore classifies this ETF as non-complex because it uses physical replication, invests directly in liquid equities, has no leverage or synthetic elements, and no complex underlying assets."
}