{
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The First Trust US Equity Income UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1) It uses physical replication (as confirmed in the fact sheet) to track the NASDAQ US High Equity Income Index, 2) There is no evidence of leverage, inverse strategies, or swap usage in the KIID or fact sheet, 3) The fund invests directly in equity securities with no mention of complex underlying assets, 4) The risk profile (SRRI 7) is consistent with equity market risk but does not indicate structural complexity, 5) The fund is UCITS-compliant and follows a straightforward index-tracking strategy. The fact sheet explicitly states 'Physical - Full Replication' as the replication method, and the KIID confirms the fund holds equity securities in similar proportions to the index. No complexity indicators (e.g., synthetic replication, capital protection, or structured products) are present. The fund's simplicity is further supported by its transparent holdings (top 10 holdings disclosed) and lack of derivative-related disclosures in the risk sections.",
    "confidence": 95
}