{
    "success": true,
    "data": {
        "leverage": true,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Active management",
            "Quantitative strategy",
            "Derivatives for investment purposes",
            "Investment Leverage Risk"
        ],
        "classification": "complex",
        "supporting_data": "Although this is a UCITS ETF, which creates a presumption of non-complexity, this is overturned by several key factors. The fund is actively managed using a 'quantitative investment process' based on factors like value, quality, and momentum. This strategy is inherently more difficult for a retail investor to understand than a simple passive index-tracking ETF. Crucially, the KIID states the fund 'may also invest in derivatives... for investment purposes,' not just for efficient portfolio management. This use of derivatives as an integral part of the investment strategy is a primary trigger for a complex classification under MiFID II rules. Furthermore, the KIID explicitly identifies 'Investment Leverage Risk' arising from the use of these derivatives, which is another significant complexity factor. The combination of an opaque active strategy, the use of derivatives for investment objectives, and the associated leverage risk makes the fund's structure and risk profile difficult for a retail investor to understand, leading to a 'complex' classification."
    }
}