{
    "fund_name": "First Trust Alerian Disruptive Technology Real Estate UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index (Disruptive Technology Real Estate)",
        "High SRRI (6/7)",
        "Potential for significant tracking error"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Alerian Disruptive Technology Real Estate Index, which focuses on real estate supporting disruptive technologies. While the index itself may be complex due to its thematic focus, the ETF's straightforward physical replication method and lack of leverage or derivatives usage suggest it is not a complex product under MiFID II. The SRRI of 6/7 indicates higher risk, but this does not automatically make the product complex. The fact sheet confirms no swap or derivative usage, and the PRIIPs KID does not contain a comprehension warning. The primary complexity factors are the thematic nature of the index and the potential for tracking error, but these do not meet the MiFID II criteria for complexity.",
    "confidence": 85
}