{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The First Trust United Kingdom AlphaDEX UCITS ETF is a physically replicated, UCITS-compliant ETF that tracks the NASDAQ AlphaDEX United Kingdom Index. The fund uses full physical replication, holding the underlying securities in similar proportions to the index. While the KIID mentions the possibility of using depository receipts when direct investment is not possible, this is a standard practice for gaining exposure to certain securities and does not introduce complexity. The fund does not employ leverage, inverse strategies, or synthetic replication. The risk profile is rated at 6, which is high but not necessarily indicative of complexity under MiFID II. The fund's objective and strategy are straightforward, focusing on tracking an index through physical replication. The absence of significant derivative usage, leverage, or complex underlying assets supports the classification as non-complex.",
    "confidence": 95
}