{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The fund is explicitly identified as a UCITS ETF, which is generally presumed non-complex under MiFID II. The investment policy clearly states that the fund replicates its index by 'holding in similar proportions the equity securities in the Index', indicating a physical replication method. While it mentions investing in depository receipts 'where direct investment in a constituent of the Index is not possible', this is a common practice in optimized physical replication and does not imply the use of derivatives as an integral part of the investment strategy or for synthetic replication. There is no mention of derivatives for efficient portfolio management (EPM) in the KIID's objective or investment policy. The fund's objective to reflect the return of the NASDAQ AlphaDEXu00ae Large Cap Core Index is transparent, with a public URL provided for the index composition. The risks described are standard market risks (e.g., value may fall, tracking error) and do not involve complex structures like counterparty risk, collateral risk, or unusual payoff mechanisms. The high risk rating (6/7) is attributed to market volatility, not structural complexity. No features like significant leverage, embedded derivatives, contingent convertible bonds, or effects like roll costs/contango are mentioned, which would typically indicate complexity. The MiFID II rules and ESMA guidance support that UCITS ETFs using physical replication for transparent indices, without reliance on complex derivatives, are classified as non-complex, provided they are not 'structured UCITS' with algorithm-based payoffs, which this fund is not."
    }
}