{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Currency hedging using forward contracts",
        "Complex index methodology with multiple screening factors",
        "Potential tracking error due to hedging"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its use of forward currency contracts for hedging purposes, which introduces counterparty risk and potential tracking error. While the replication method is physical, the index methodology incorporates multiple complex screening factors (global revenue exposure, composite risk score with quality and momentum components) that may not be easily understood by retail investors. The hedging strategy, while common in ETFs, adds a layer of complexity that requires understanding of currency markets and derivative instruments. The risk profile indicates potential for imperfect hedging, which could lead to unexpected outcomes. The ETF is UCITS compliant, but the combination of these factors leads to the classification as complex under MiFID II.",
    "confidence": 85
}