{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The First Trust US Equity Opportunities UCITS ETF (ISIN IE00BYTH6238) is a UCITS-compliant equity ETF domiciled in Ireland, tracking the IPOX-100 U.S. Index. The fund uses physical full replication by holding equity securities in similar proportions to the index constituents, with occasional use of depository receipts and money market instruments only when direct investment is not possible. 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, inverse exposure, or capital protection mechanisms. The risk profile is medium-high (5 out of 7 in PRIIPs KID), reflecting equity market volatility rather than structural complexity. Charges are straightforward with a single ongoing charge of 0.65%, no performance fees, and no swap or derivative fees. The fund's underlying assets are liquid U.S. equities, with no exposure to complex structured products or contingent convertible bonds. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of derivatives or swaps. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance, with minimal derivative exposure used only for operational purposes if at all, and no leverage or synthetic structures. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}