{
    "success": true,
    "data": {
        "is_ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Index Methodology (Cybersecurity)"
        ],
        "classification": "non-complex",
        "supporting_data": "The First Trust Nasdaq Cybersecurity UCITS ETF is a UCITS ETF, which starts with a presumption of being non-complex. It is passively managed and aims to replicate the Nasdaq CTA Cybersecurity Exclusions Index using physical replication, holding the underlying equity securities. The KIID states that the fund invests primarily in equity securities included in the Index. There is no mention of derivatives being used for replication or investment objectives. The risks highlighted are related to the cybersecurity sector itself, such as rapid technological changes and competition, which are inherent market risks and not structural complexities. The ongoing charges are reasonable (0.60%). The index methodology is publicly available, and the ETF's structure is transparent. Given these factors, the ETF is considered non-complex as its structure, risks, and payoff are understandable by a retail investor with basic knowledge. The underlying index's sector-specific risks do not automatically classify the ETF as complex under MiFID II rules, as complexity is primarily driven by the instrument's structure and use of derivatives."
    }
}