{
    "type": "ETF",
    "ucits": true,
    "fund_name": "First Trust US Large Cap Core AlphaDEX\u00ae UCITS ETF",
    "investment_objective": "To provide total return reflecting the NASDAQ AlphaDEX\u00ae Large Cap Core Index by investing primarily in equity securities included in the Index.",
    "primary_asset_class": "equity",
    "geographic_focus": "United States (94.5%) with minor allocations to Ireland, Switzerland, Bermuda, Liberia, Panama, Curacao, Netherlands",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical full replication of the NASDAQ AlphaDEX\u00ae Large Cap Core Index, investing directly in equity securities and depositary receipts where direct investment is not possible. There is no mention of synthetic replication, swap agreements, or derivative instruments as part of the investment strategy. The fund is UCITS compliant and regulated by the Central Bank of Ireland. The risk profile is medium-high (5 out of 7 in PRIIPs KID, 6 out of 7 in KIID), reflecting equity market volatility rather than structural complexity. No leverage, inverse or amplified return features are present. The fund does not invest in complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with no performance fees or swap fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of derivatives or swaps. The AlphaDEX\u00ae index methodology is a modified equally-weighted index using fundamental growth and value factors, but this does not introduce complexity under MiFID II as the fund holds the underlying securities directly. Overall, the fund\u2019s structure and investment approach are transparent and straightforward, leading to a non-complex classification."
}