{
    "is_complex": false,
    "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 UCITS ETF is a physically replicated, non-leveraged ETF tracking the NASDAQ AlphaDEX Large Cap Core Index. The KIID and factsheet confirm it uses full physical replication, holds direct equity securities, and does not employ synthetic replication, swaps, or derivatives beyond standard efficient portfolio management. The risk level is rated 6, but this is due to the volatility of the underlying equities rather than structural complexity. The fund is UCITS-compliant, has transparent holdings, and follows a straightforward index-tracking strategy without capital protection or structured features.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "While the risk level is high (6/7), this is attributed to the volatility of the underlying equities rather than structural complexity. The AlphaDEX methodology is proprietary but does not introduce complexity beyond standard equity selection. The fund does not use derivatives for leverage or synthetic replication, and the disclosure of risks is standard for equity ETFs.",
    "final_assessment": "The ETF is classified as non-complex under MiFID II because it uses physical replication, has no leverage or inverse exposure, and does not rely on derivatives or swaps for its core strategy. The high risk rating is due to market volatility, not structural complexity."
}