{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Derivatives for currency hedging",
            "Complex Index methodology (Risk Weighted)",
            "Securities Lending"
        ],
        "classification": "complex",
        "supporting_data": "Although this is a UCITS ETF using physical replication, which creates a presumption of non-complexity, this presumption is overturned by several factors. The classification is 'complex' primarily due to two reasons:1.  **Integral Use of Derivatives:** The fund's objective for this specific share class is to track a '100% hedged to EUR' index. To achieve this, it uses currency forward contracts. This use of derivatives is not just for efficient portfolio management (EPM) but is central to the strategy of the hedged share class. This introduces counterparty risk and complexities related to hedging mechanics that are difficult for the average retail investor to understand, as highlighted in the KIID's risk section: 'The Fund may use derivatives which can... give rise to market risks as well as potential loss due to failure of counterparty.'2.  **Complex Index Methodology:** The ETF tracks the 'MSCI USA Select Dynamic 50% Risk Weighted' index. This is not a straightforward market-capitalization-weighted index. A 'Risk Weighted' and 'Dynamic' methodology is inherently complex. It requires an investor to understand advanced concepts of how risk is measured, how stocks are selected based on 'low valuations and high quality characteristics', and how weights are dynamically assigned. This structural complexity makes it difficult for a retail investor with basic knowledge to understand the fund's performance drivers beyond general market movements.Additionally, the fund engages in securities lending, which introduces a further layer of counterparty risk. While this alone may not trigger a complex classification, it contributes to the overall complexity. Based on MiFID II rules, the combination of a complex index and the integral use of derivatives for the share class's objective leads to a 'complex' classification, overriding the initial UCITS presumption."
    }
}