{
    "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 US Large Cap Core AlphaDEX\u00ae UCITS ETF (ISIN IE00BWTNMB87) is a UCITS-compliant equity ETF domiciled in Ireland, tracking the NASDAQ AlphaDEX\u00ae Large Cap Core Index. The fund uses physical full replication by holding equity securities in similar proportions to the index constituents, with occasional use of depositary receipts when direct investment is not possible. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments as part of the investment strategy. The fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium-high (risk level 5-6 in KIID and PRIIPs), reflecting equity market volatility rather than structural complexity. Costs are straightforward with a single ongoing charge of 0.65%, no performance fees, and no swap or derivative fees. The index tracked is a modified equally-weighted index using a proprietary AlphaDEX\u00ae stock selection methodology based on fundamental growth and value factors, but this does not introduce complexity under MiFID II as the fund invests directly in liquid, transparent equity securities. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no use of derivatives or swaps, and a transparent portfolio of large-cap US equities. Therefore, the fund does not meet MiFID II criteria for a complex financial instrument."
}