{
    "fund_name": "First Trust US Large Cap Core AlphaDEX UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the NASDAQ AlphaDEX Large Cap Core Index, with no evidence of synthetic replication, leverage, or inverse strategies. The risk profile is rated at 6, which is high but not indicative of complexity under MiFID II. The fund's objective is straightforward index tracking, and it invests directly in liquid equities. There are no mentions of derivatives, swaps, or complex underlying assets. The KIID and factsheet confirm the fund's simplicity, with a clear risk-reward profile and no capital protection mechanisms.",
    "confidence": 95,
    "risk_level": 6,
    "additional_notes": "The AlphaDEX methodology involves a modified equal-weighted index with stock selection based on growth and value factors, but this does not introduce complexity under MiFID II as it remains a transparent, rules-based index strategy. The fund's use of depository receipts for exposure to certain securities is a standard practice and does not contribute to complexity."
}