{
    "success": true,
    "data": {
        "leverage": true,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Use of total return swaps and contracts for difference for investment purposes, which are integral to the investment objective beyond efficient portfolio management, introducing counterparty risk.",
            "Potential for investment leverage arising from the use of derivatives.",
            "Securities lending, contributing to counterparty risk.",
            "Actively managed multi-factor strategy (Value, Quality, Momentum, Low Risk, Size) adds a layer of complexity for average retail investors to fully understand the drivers of return and risk beyond simple index tracking."
        ],
        "classification": "complex",
        "supporting_data": "While the asset is a UCITS ETF, which is generally presumed non-complex, this presumption is overturned by specific features. The fund explicitly states it may invest up to 10% (expected not to exceed 5%) of its assets in total return swaps and contracts for difference for 'investment purposes', not solely for efficient portfolio management. This use of swaps is considered integral to its investment strategy and automatically classifies it as 'complex' under the provided rules. The document also highlights 'Counterparty Risk' as a material risk, directly linked to such derivative usage and securities lending. Furthermore, it explicitly mentions 'Investment Leverage Risk' tied to derivatives. Although the primary replication method appears to be physical (quantitatively selecting shares), the use of derivatives for investment purposes creates a hybrid structure that introduces complex elements and risks that are not easily understood by retail investors with basic financial knowledge, such as counterparty risk and collateral management. The multi-factor investment strategy, while transparent in its objective, adds another layer of sophistication compared to a traditional market-cap index tracking fund."
    }
}