{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The First Trust US Equity Income UCITS ETF is a physically replicated fund tracking the NASDAQ US High Equity Income Index. It uses full replication to hold the underlying securities directly, with no evidence of synthetic replication, swaps, or derivative instruments beyond what might be used for efficient portfolio management (EPM). The fund has a straightforward investment objective, a clear risk profile (SRRI 7), and invests in liquid, transparent equity securities. While the risk level is high, this is due to the nature of the underlying assets (equities) rather than structural complexity. The KIID and factsheet do not indicate any complex features such as leverage, inverse exposure, or capital protection mechanisms. The fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II.",
    "confidence": 95
}