{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The First Trust Cloud Computing UCITS ETF aims to replicate the ISE CTA Cloud Computing Exclusions Index by holding equity securities in similar proportions. It uses a physical replication method. The KIID states the risk category is 7, indicating high volatility, but this is due to market risk and not structural complexity. The fund invests primarily in equity securities, which are generally considered non-complex under MiFID II when admitted to a regulated market. There is no mention of derivatives being integral to the strategy, leverage, or any other complex features that would typically lead to a complex classification. The transparency of the index (provided via a Nasdaq link) further supports a non-complex assessment."
    }
}