{
    "type": "ETF",
    "ucits": true,
    "fund_name": "First Trust United Kingdom AlphaDEX\u00ae UCITS ETF",
    "investment_objective": "To provide total return reflecting the NASDAQ AlphaDEX\u00ae United Kingdom Index by investing primarily in equity securities included in the Index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United Kingdom",
    "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 United Kingdom Index, investing primarily in equity securities domiciled in the UK. There is no mention of synthetic replication, swap agreements, or derivative instruments as part of the investment strategy. The fund does not employ leverage or inverse exposure. The risk rating is 6 (medium-high) reflecting equity market volatility, but no derivative-related or counterparty risks are disclosed. Costs are straightforward with no performance fees or swap fees. The PRIIPs KID confirms no capital protection or structured features. The monthly factsheet confirms physical replication and no use of derivatives or swaps. The index tracked is a modified equally-weighted index using fundamental factors, but this does not introduce complexity under MiFID II. Overall, the fund is a UCITS-compliant, physically replicated equity ETF with no embedded complexity factors such as leverage, swaps, or complex underlying assets.",
    "risk_level_assessment": "The fund's risk rating of 6 reflects equity market volatility and potential for high rises and falls in value, typical for equity ETFs. However, this risk is market risk rather than complexity risk. The absence of derivatives, leverage, or structured features means the risk profile aligns with a non-complex classification under MiFID II."
}