{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Factor-based index complexity",
        "Currency hedging via derivatives",
        "Potential counterparty risk"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with stratified sampling, which is a standard approach for tracking complex factor-based indices. While it uses derivatives for currency hedging (via one-month forward contracts), this is a common practice in hedged ETFs and does not introduce significant complexity. The MSCI USA Select Factor Mix Index is a multi-factor index, but the ETF's risk profile (category 6) is clearly disclosed, and the underlying holdings are transparent. The use of derivatives is limited to hedging and does not involve leverage or inverse strategies. The fund is UCITS-compliant, which typically aligns with non-complex classifications under MiFID II. The fact sheet confirms physical replication and minimal derivative usage beyond hedging.",
    "confidence": 85
}