{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Currency hedging introduces counterparty risk",
            "Rule based index, potentially opaque",
            "Composite Risk Scoring introduces complexity",
            "Dividend weighting can be complex for retail investors"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant and uses a representative sampling physical replication method. It tracks a fundamentally weighted index of high dividend yielding US companies based on a composite risk score. The ETF employs currency hedging to neutralize USD/EUR fluctuations, introducing counterparty risk through forward exchange contracts. The index uses a composite risk score and dividend weighting, which can be opaque and not easily understood by retail investors. The reference to security lending implies counterparty risk. Despite being UCITS compliant and using physical replication, the derivative use for currency hedging and complexity of index, specifically the Composite Risk Score (CRS), leads to a 'complex' classification under MiFID II. Additionally the potential use of security lending adds to complexity.",
        "complex": true
    }
}