{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Factor-Based Index",
            "Derivatives for Efficient Portfolio Management",
            "Sampling Strategy",
            "Alternatively Weighted Index"
        ],
        "classification": "complex",
        "supporting_data": "This ETF tracks the MSCI USA Select Factor Mix Index, which is an alternatively weighted index based on factors like momentum, value, quality, shareholder yield, volatility, and size. The ETF uses a sampling strategy, and while it may use derivatives for efficient portfolio management (EPM), the fund itself doesn't engage in securities lending, so counterparty risk is limited. Due to the complexity of the underlying index and reliance on analytical models to implement portfolio optimisation, this ETF cannot be deemed as easily understandable by retail investors with basic financial knowledge. Although derivatives are only used for EPM rather than synthetic exposure the index is an alternatively weighted index which complicates client understanding leading to a 'complex' asset classification. ",
        "explanation": "Although the ETF is UCITS compliant, making it generally non-complex, the ETF tracks an alternatively weighted index and uses a sampling strategy, which might be difficult for an average retail investor to understand easily. The use of derivatives, even if limited to EPM, can add another layer of complexity, potentially introducing counterparty risk. The key concern is whether a retail investor with basic knowledge can understand the construction and risks associated with the factor-based index and the replication method. Therefore, based on the MiFID II rules, it is classified as complex."
    }
}