{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivative Usage",
        "Multi-Factor Index Complexity"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses financial derivative instruments (FDIs) for direct investment purposes and currency hedging, including FX forward contracts. While it primarily uses physical replication, the derivative usage for hedging and potential direct investment introduces complexity. Additionally, the multi-factor index methodology (optimization process for momentum, quality, value, low volatility, and size factors) adds another layer of complexity that may not be easily understood by retail investors. The presence of counterparty risk from derivative usage further supports the complex classification.",
    "confidence": 85,
    "risk_level": 6,
    "counterparty_risk": true,
    "benchmark_complexity": true,
    "hedging_derivatives": true,
    "comprehension_warning": false
}