{
    "type": "ETF",
    "ucits": true,
    "fund_name": "First Trust IPOX\u00ae Europe Equity Opportunities 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 IPOX-100 Europe Index using full replication of underlying equity securities. There is 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 the risk indicator is moderate (4 in PRIIPs KID, 6 in KIID but consistent with equity market volatility). The fund invests directly in liquid, transparent equity securities of recent European IPOs, with no complex underlying assets such as contingent convertible bonds or structured products. Costs are straightforward with a single ongoing charge of 0.65%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical full replication and no use of derivatives or swaps. The fund's risk profile and disclosures align with a standard equity ETF without complex features. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}