{
    "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 Cloud Computing UCITS ETF seeks to replicate the ISE CTA Cloud Computing Exclusions Index primarily through physical full replication of equity securities included in the index. The fund invests directly in equities and, where direct investment is not possible, in depository receipts and money market instruments, but there is no mention of synthetic replication, swap agreements, or derivative instruments as part of the investment strategy. The fund is UCITS compliant and uses a transparent, rules-based index with quarterly rebalancing. The risk profile is high (level 6 out of 7), reflecting the volatility of the underlying technology sector equities rather than structural complexity. There is no leverage, inverse exposure, or capital protection features. Costs are straightforward with a single ongoing charge of 0.60% and no performance fees or swap fees. The PRIIPs KID does not indicate any complexity warnings or comprehension difficulties beyond the inherent market risk of the sector. The factsheet confirms physical full replication and no use of derivatives or swaps. Therefore, under MiFID II criteria, this ETF is classified as non-complex because it uses physical replication, has no leverage or synthetic elements, invests in liquid equities, and has no complex structured features."
}