{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The First Trust NYSE Arca Biotechnology UCITS ETF is a physically replicated ETF that directly holds the underlying securities of the NYSE Arca Biotechnology Index. The KIID and factsheet confirm that the fund uses full physical replication, with no mention of synthetic replication, swaps, or derivative instruments beyond what might be used for efficient portfolio management (EPM). The fund has a straightforward investment objective of tracking the index, and the risk profile, while high (SRRI 6), is typical for a sector-specific equity ETF. There are no indications of leverage, inverse strategies, or capital protection mechanisms. The fund is UCITS-compliant, which generally implies adherence to standards that limit complexity. The use of derivatives is not highlighted as a primary strategy, and the fund's risk disclosures focus on sector-specific risks rather than structural complexity.",
    "confidence": 95
}