{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Complex Indices",
            "Derivatives"
        ],
        "classification": "complex",
        "supporting_data": "Although the fund is a UCITS ETF and uses physical replication, which typically points towards a non-complex classification, its structure contains features that make it complex under MiFID II. The primary drivers for this classification are the underlying index and the use of derivatives for this specific share class.1.  **Complex Index:** The ETF tracks the 'MSCI USA Select Factor Mix Index'. This is not a standard market-capitalization-weighted index. It is an 'alternatively weighted' or 'smart beta' index constructed from six different factors (momentum, value, quality, shareholder yield, volatility, and size). The methodology, weighting, and interaction of these factors are not straightforward and require a level of understanding beyond that of a typical retail investor to grasp the potential risks and performance drivers.2.  **Integral Use of Derivatives:** For this specific 'hCHF acc' share class, currency hedging is a core part of the investment objective, which aims to track the 'MSCI USA Select Factor Mix 100% hedged to CHF Index'. The KIID states this is achieved by 'selling foreign currency forwards'. Since these derivatives are used to achieve the stated investment objective of the share class (not just for ancillary efficient portfolio management), their use is considered integral to the strategy. This introduces counterparty risk, which the KIID explicitly mentions ('potential loss due to failure of counterparty'), a concept that is difficult for retail investors to assess.Due to the combination of a complex, multi-factor underlying index and the integral use of derivatives for currency hedging, the ETF's structure and risk profile are considered difficult for an average retail investor to understand, thereby overturning the presumption of non-complexity for UCITS and classifying the asset as complex."
    }
}