{
    "fund_name": "First Trust Bloomberg Scarce Resources UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex index construction (Bloomberg Scarce Resources Index)",
        "Potential for tracking error (0-2%)",
        "High risk profile (SRRI 7)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Bloomberg Scarce Resources Index, which is constructed by grouping components of the Bloomberg World Aggregate Equity Index into five distinct categories. The fund invests primarily in equity securities included in the index, with no mention of synthetic replication, swaps, or leverage. The risk profile is high (SRRI 7), but this does not automatically make the fund complex under MiFID II. The index construction is complex, but the fund's straightforward replication method and lack of derivative usage suggest it is suitable for retail investors. The fact sheet confirms physical replication and no derivative usage beyond efficient portfolio management.",
    "confidence": 90
}