{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The First Trust Emerging Markets AlphaDEX\u00ae UCITS ETF is a UCITS-compliant equity ETF domiciled in Ireland, tracking the NASDAQ AlphaDEX\u00ae Emerging Markets Index. The fund uses physical full replication of the underlying equity securities in the index, with no mention of synthetic replication, swap agreements, or derivative instruments as part of its core investment strategy. The fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium-high (risk level 5 out of 7), reflecting market and emerging markets risks, including exposure to VIE structures in China, but this does not stem from structural complexity such as derivatives or leverage. The costs are straightforward with a single ongoing charge of 0.80%, no performance fees, and no swap or derivative fees. The PRIIPs KID and monthly factsheet confirm no use of swaps or synthetic replication, and the fund invests directly in liquid equity securities. The index tracked is an enhanced equity index using a proprietary stock selection methodology, but this does not introduce complexity under MiFID II as it does not involve complex derivatives or structured products. There are no capital protection or structured features. The fund\u2019s risk disclosures focus on market and geopolitical risks rather than derivative or counterparty risks. Therefore, the ETF is classified as non-complex under MiFID II."
}