{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "complex": false,
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The First Trust Emerging Markets AlphaDEXu00ae UCITS ETF is classified as non-complex. It follows a physical replication method, investing primarily in equity securities that are included in the NASDAQ AlphaDEXu00ae Emerging Markets Index. The fund's objective is to track this index, and it does so by holding similar proportions of the index's constituent equities. There is no indication of derivative use for replication or investment objectives, nor are there any embedded derivatives. The KIID highlights that the fund's risk category is 6 out of 7 due to historical high volatility, but this is market risk, not structural complexity. The underlying index is described as an equity index, suggesting it's likely transparent. The absence of leverage, embedded derivatives, or complex replication strategies, combined with a straightforward investment policy of tracking an equity index, supports a non-complex classification under MiFID II. The fund is UCITS compliant, which is a baseline for non-complexity unless specific features override it."
    }
}