{
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The First Trust Alerian Disruptive Technology Real Estate UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1) Physical replication method (confirmed in the fact sheet), 2) No leverage or inverse exposure, 3) No synthetic replication or swap agreements mentioned, 4) UCITS-compliant structure with transparent underlying assets (equity securities in the Alerian Disruptive Technology Real Estate Index), 5) Risk profile (SRRI 6) is high but does not indicate complexity in structure, 6) No capital protection mechanisms or structured features, 7) No counterparty risk from derivatives. The fund's complexity stems from its thematic focus on disruptive technology real estate, but this does not trigger MiFID II complexity classification. The fact sheet confirms full physical replication and no derivative usage beyond efficient portfolio management.",
    "confidence": 95
}