{
    "fund_name": "First Trust Indxx Global Aerospace & Defence UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex index methodology",
        "Potential for tracking error (0-2%)",
        "High risk rating (7/7)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Indxx Global Advanced Aerospace & Defence Index, which consists of equity securities in the aerospace and defence sector. There is no mention of synthetic replication, swaps, or leverage in the KIID or PRIIPs KID. The fund's investment policy is straightforward, focusing on direct investment in index constituents. The risk rating of 7/7 is based on historical volatility of the sector rather than structural complexity. The PRIIPs KID does not contain a comprehension warning, and the fact sheet confirms physical replication with full replication. While the index methodology may be complex, the fund's implementation is transparent and suitable for retail investors under MiFID II guidelines.",
    "confidence": 90
}