{
    "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 Global Equity Income UCITS ETF (ISIN: IE00BD842Y21) is classified as non-complex under MiFID II based on the following analysis:1. **Replication Method**: The fund uses physical replication (full replication) as confirmed in the fact sheet, which is a non-complex indicator. The KIID states the fund invests primarily in equity securities included in the NASDAQ Global High Equity Income Index, with minimal use of derivatives or swaps.2. **Derivative Usage**: There is no mention of synthetic replication, swap agreements, or derivative instruments in the KIID or fact sheet. The fund does not use derivatives for leverage, inverse exposure, or complex strategies. The fact sheet explicitly states the replication method is 'Physical - Full Replication.'3. **Leverage and Amplification**: The fund does not employ any leverage or inverse strategies. The KIID and fact sheet do not reference terms like 'leveraged,' 'inverse,' or 'amplified returns.'4. **Underlying Asset Complexity**: The fund invests in equity securities from the NASDAQ Global High Equity Income Index, which is a rules-based index with fundamental screens and a plough-back weighting methodology. The index is designed to select dividend-paying stocks with liquidity and quality screens, which are transparent and straightforward.5. **Capital Protection and Structured Features**: There are no capital protection mechanisms, barrier options, or structured return formulas mentioned in the KIID or fact sheet.6. **Risk Profile**: The fund's risk rating is 6 out of 7, which is relatively high but does not automatically indicate complexity. The risks are primarily market risks associated with equity investments, which are easily understandable by retail investors.7. **Key Risk Disclosures**: The KIID mentions standard risks such as market risk and tracking error, but there are no warnings about complexity, counterparty risk, or the need for specialist knowledge.8. **Costs and Charges**: The fund has a straightforward fee structure with an ongoing charge of 0.60%, and no performance fees or complex fee arrangements.9. **UCITS Compliance**: The fund is UCITS-compliant, which inherently limits the use of complex strategies and derivatives.10. **Conclusion**: The fund is non-complex because it uses physical replication, has a straightforward index-tracking objective, invests directly in liquid and transparent securities, and has minimal derivative exposure. The risk profile is aligned with the underlying equity investments, and there are no complex features or strategies.",
    "confidence": 95
}