{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Currency Hedging",
            "Composite Risk Score (CRS) Screening",
            "Dividend Yield Optimization"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant and uses physical replication. However, it employs a currency hedging methodology, a Composite Risk Score (CRS) screening process based on quality and momentum factors and is fundamentally weighted towards high dividend-yielding U.S. companies which introduces complexity that may not be easily understood by all retail investors. Although derivatives are used, the replication method is physical which lowers the complexity score but does not reduce it completely given the currency hedging.",
        "explanation": "While this is a UCITS ETF which is generally considered non-complex, a comprehensive assessment of its complexity under MiFID II reveals a complex classification. The ETF uses derivatives to provide currency hedging, even though those derivatives are not embedded into the core structure of the ETF but are used to manage the exposure. A composite risk score based on quality and momentum adds complexity to the investment decision that may not be immediately apparent to retail investors."
    }
}