{
    "type": "ETF",
    "ucits": true,
    "fund_name": "First Trust US Equity Income UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity income fund that physically replicates the NASDAQ US High Equity Income Index by holding equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the fund uses full physical replication without synthetic or swap-based structures. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative counterparty risk. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (5 out of 7) reflecting equity market volatility rather than structural complexity. Costs are straightforward with no performance fees or swap fees. The monthly factsheet confirms physical replication, no use of derivatives for investment purposes, and a transparent, liquid portfolio of US equities selected by fundamental screens. There are no capital protection or structured features. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund\u2019s structure and investment approach align with a non-complex classification under MiFID II."
}