{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication via stratified sampling to track the MSCI USA Select Factor Mix Index, which is a multi-factor index but does not involve complex structures like derivatives, leverage, or synthetic replication. The KIID explicitly states that derivatives are only used for risk reduction, cost efficiency, or generating additional income, not as a core part of the investment strategy. The risk level is 6 out of 7, but this is due to equity market volatility rather than structural complexity. The fund is UCITS-compliant, has straightforward fee structures, and provides clear disclosure of its strategy and risks. The fact sheet confirms physical replication and the absence of leverage or inverse strategies.",
    "confidence": 95,
    "counter_argument": "Some might argue that the multi-factor index introduces complexity, but the physical replication and clear disclosure mitigate this. The use of derivatives is explicitly limited to non-core purposes, aligning with standard ETF practices under MiFID II.",
    "risk_level": 6,
    "derivative_usage": "for risk reduction, cost efficiency, or generating additional income only"
}