{
    "name": "Robeco 3D US Equity UCITS ETF USD Acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Robeco 3D US Equity UCITS ETF is a physically replicated, actively managed equity ETF that invests directly in US stocks. It does not employ leverage, inverse strategies, or synthetic replication. While the KIID mentions the use of financial derivatives, the context suggests these are used for efficient portfolio management (e.g., currency hedging) rather than as a core part of the investment strategy. The fund's risk profile is transparent, with a clear benchmark (S&P 500) and straightforward investment objectives. The absence of complex structures, leverage, or significant derivative exposure supports a non-complex classification under MiFID II.",
    "confidence": 95,
    "risk_level": "The fund's risk profile is moderate, with a focus on US equities and a quantitative investment approach. The use of derivatives is limited to risk management purposes, and the fund's strategy is clearly disclosed, making it suitable for retail investors under MiFID II."
}