{
    "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 ETF that physically replicates the NASDAQ US High Equity Income Index by holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the fund uses full physical replication with no mention of synthetic replication, swap agreements, or derivative instruments as part of the investment strategy. The fund does not employ leverage or inverse exposure, and there are no capital protection or structured product features. The risk rating is high (6-7) due to equity market volatility and the nature of the underlying index, but this reflects market risk rather than complexity from derivatives or leverage. The fact sheet confirms physical replication and no use of swaps or derivatives for investment purposes, only possibly for risk management which does not trigger complexity classification. Costs are straightforward with no performance fees or swap fees. The index tracked is a fundamental, rules-based equity income index with transparent methodology and liquid underlying securities. There are no complex underlying assets such as contingent convertible bonds or CLOs. No complexity flags such as counterparty risk or capital protection mechanisms are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}