{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Index methodology might be complex"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF's objective is to track the NASDAQ AlphaDEXu00ae Large Cap Core Index. The investment policy states that the fund invests primarily in equity securities included in the Index and replicates the Index by holding similar proportions of the equity securities. This indicates a physical replication method. There is no mention of derivatives being used for replication or efficient portfolio management. The risk profile is ranked at 6 out of 7, indicating high volatility, but this is related to market risk and not structural complexity. The KIID specifies that the fund is passively managed and has an index replicating objective. The index methodology itself can be complex, which could potentially make the ETF complex according to the 'ease of understanding' criterion. However, the general presumption for UCITS ETFs, combined with physical replication and no explicit use of complex derivatives, leans towards a non-complex classification unless the index's complexity is demonstrably beyond a retail investor's grasp without significant explanation. Based on the provided text, the primary driver for complexity would be the index itself, but the core ETF structure and investment policy are straightforward. Therefore, it is classified as non-complex with a note on potential index complexity."
    }
}