{
    "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 Global Equity Income UCITS ETF (IE00BYTH6121) is a physically replicated ETF that tracks the NASDAQ Global High Equity Income Index. The KIID and factsheet confirm that the fund uses full physical replication, holding the underlying securities directly. There is no mention of synthetic replication, swaps, or derivative instruments beyond what might be used for efficient portfolio management (EPM). The risk level is rated 6, which is high but not necessarily indicative of complexity under MiFID II, as it reflects market risk rather than structural complexity. The fund does not employ leverage, inverse strategies, or capital protection mechanisms. The underlying assets are liquid equity securities, and the index methodology is rules-based and transparent. The fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II. The absence of complex features such as contingent bonds, structured products, or significant counterparty risks further supports the non-complex classification.",
    "confidence": 95
}