{
    "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 Income UCITS ETF (ISIN IE00BZBW4Z27) is a UCITS-compliant equity ETF domiciled in Ireland, tracking the NASDAQ US High Equity Income Index. The fund uses physical replication, holding equity securities in similar proportions to the index, 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 high (7/7) due to equity market volatility but not due to structural complexity. The PRIIPs KID confirms a medium-high risk rating (5/7) with no capital guarantee or complex features. The fact sheet explicitly states physical full replication and no use of derivatives or swaps. Costs are straightforward with no performance fees or swap fees. There are no complexity flags such as contingent bonds, structured products, or significant counterparty risk. The fund\u2019s strategy and holdings are transparent and straightforward, with a clear linear relationship to the underlying index performance. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}