{
    "type": "ETF",
    "ucits": true,
    "fund_name": "First Trust Global Equity Income UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF seeks to replicate the NASDAQ Global High Equity Income Index primarily by physical full replication of equity securities included in the index, with possible minor use of depositary receipts and minimal investment in money market instruments. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments as part of the investment strategy. The fund does not employ leverage or inverse exposure, and the risk profile is medium (risk level 4 in PRIIPs, 6 in KIID, reflecting equity market volatility rather than structural complexity). The fund is UCITS compliant, domiciled in Ireland, and uses a transparent, rules-based index with monthly rebalancing. Charges are straightforward with no performance fees or swap 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 underlying assets are liquid equities diversified globally with no complex structured products or contingent bonds. Therefore, the fund exhibits none of the MiFID II complexity indicators such as synthetic replication, leverage, complex underlying assets, capital protection, or significant counterparty risk. The fund\u2019s risk arises from market exposure to equities, not from structural or product complexity."
}