{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Not applicable. The ETF replicates the Bloomberg Global Semiconductor Supply Chain Index, which is assumed to be a transparent index.  The replication method is physical, using securities held in proportion to the index. No leverage, derivative use, or other complex features are mentioned."
        ],
        "classification": "non-complex",
        "supporting_data": "The First Trust Bloomberg Global Semiconductor Supply Chain UCITS ETF aims to replicate the performance of the Bloomberg Global Semiconductor Supply Chain Index.  The fund invests primarily in equity securities included in the index.  This suggests a straightforward, transparent investment strategy.  The key investor information document specifically states a passive management, index-replicating objective and physical replication.   No derivative instruments are mentioned as being central to the strategy, rather a fund manager would strive to hold securities in similar proportions to the index. The index is described as publicly available, supporting the non-complex classification.   The risk profile is ranked high (7/7), but this ranking relates to market volatility, not structural complexity.  Crucially, no mention of contingent convertible bonds, swaps or other complex structures were present, indicating a simple replication approach within UCITS rules. The document does mention that the fund manager will seek to invest in depository receipts where direct investment in a constituent is not possible. However, this is not a complex factor on its own given that it is a relatively common strategy that is often employed to avoid restrictions or limitations on foreign investment and access to some countries and does not change the overall investment strategy."
    }
}