{
    "fund_name": "First Trust Nasdaq Cybersecurity UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex index methodology (Nasdaq CTA Cybersecurity Exclusions Index)",
        "Investment in cybersecurity companies with higher risk profiles (rapidly changing technologies, short product cycles, etc.)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Nasdaq CTA Cybersecurity Exclusions Index, with no mention of synthetic replication, swaps, or leverage. The index methodology is complex (modified free float market cap weighted with ESG criteria), but the fund itself is straightforward in its approach. The underlying holdings are equities of cybersecurity companies, which may have higher risk profiles but do not inherently make the ETF complex under MiFID II. The fund is UCITS-compliant, has a clear risk profile (SRRI 6), and no derivative-related risks are disclosed. The only potential complexity factor is the index's methodology, but this does not trigger a 'complex' classification under MiFID II.",
    "confidence": 90
}