{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The First Trust Eurozone AlphaDEX UCITS ETF is a physically replicated fund that aims to track the NASDAQ AlphaDEX Eurozone Index. The KIID and factsheet indicate that the fund uses full physical replication, holding the underlying securities in similar proportions to the index. There is no mention of synthetic replication, swaps, or derivative instruments beyond what might be used for efficient portfolio management. The risk profile is rated at 6, which is high but not necessarily indicative of complexity under MiFID II. The fund does not employ leverage, inverse strategies, or capital protection mechanisms. The index methodology, while enhanced, is transparent and based on fundamental growth and value factors. The fund is UCITS-compliant, which generally aligns with non-complex classifications. The absence of complex underlying assets, structured features, or significant counterparty risks further supports the non-complex classification.",
    "confidence": 95
}