{
    "fund_name": "First Trust United Kingdom AlphaDEX UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index Methodology (AlphaDEX)",
        "Potential for Tracking Error (0-2%)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the NASDAQ AlphaDEX United Kingdom Index, which employs a proprietary stock selection methodology based on fundamental growth and value factors. While the index methodology is sophisticated, the ETF itself does not use derivatives, swaps, or leverage. The fund's risk profile (SRRI 6) reflects the inherent volatility of equity markets rather than structural complexity. The use of physical replication and the absence of derivative instruments or synthetic structures align with MiFID II criteria for non-complex products. The potential for tracking error (0-2%) is within typical ranges for physically replicated ETFs and does not indicate complexity. The AlphaDEX methodology, while proprietary, is transparently described in the KIID and fact sheet, and the fund's risk disclosures are clear and aligned with its equity-focused strategy.",
    "confidence": 90
}