{
    "type": "ETF",
    "ucits": true,
    "fund_name": "First Trust NYSE Arca Biotechnology UCITS ETF",
    "investment_objective": "To provide investment results that correspond generally to the price and yield of the NYSE Arca Biotechnology Index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Primarily United States (approx. 80%), with some exposure to Cayman Islands, Switzerland, Ireland, Germany, Netherlands, Denmark",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses full physical replication of the NYSE Arca Biotechnology Index, investing primarily in equity securities included in the index. There is no mention of synthetic replication, swap agreements, or derivative instruments as part of the investment strategy. The fund is UCITS compliant and regulated by the Central Bank of Ireland. The ongoing charges are straightforward with no performance fees or swap fees. The risk profile is medium-high (5-6 on a 7-point scale) due to the inherent volatility of the biotechnology sector, not due to structural complexity. The PRIIPs KID confirms no capital protection, no leverage, and no complex structured features. The fact sheet confirms physical replication, quarterly rebalancing, and no use of derivatives or swaps. The underlying assets are liquid equities in biotechnology companies, with no complex bonds or contingent convertible bonds. There are no references to leverage, inverse exposure, or capital protection mechanisms. The risk disclosures focus on sector-specific risks (regulatory, patent, competition) rather than product complexity. No comprehension warnings or complexity flags appear in the PRIIPs KID. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}