{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Active management, use of derivatives, model risk, potential liquidity risk, currency risk, counterparty risk (mitigated by collateral), no capital protection, no significant leverage, transparent index, no embedded derivatives, no contingent convertible bonds, no complex indices",
    "classification": "non-complex",
    "supporting_data": "The Robeco Dynamic Theme Machine UCITS ETF is a UCITS-compliant, actively managed ETF investing primarily in equities and equity-related securities of developed markets, tracking the MSCI World Index but with full discretion to deviate. The fund may use financial derivatives for efficient portfolio management (EPM), not as a core strategy. Counterparty risk from derivatives is mitigated by collateral exchange. The fund does not use significant leverage, does not offer capital protection, and does not hold embedded derivatives, contingent convertible bonds, or track complex indices. The underlying index is transparent and well-established. While the fund is actively managed and may use derivatives, these features are within UCITS limits and do not, in themselves, introduce structural complexity that would make the product difficult for a retail investor with basic knowledge to understand. Therefore, it retains the UCITS presumption of non-complexity under MiFID II, provided the derivative use remains ancillary and well-disclosed[1][2]. If the derivative use were central to the strategy (e.g., synthetic replication or significant exposure to complex structured products), the classification would likely shift to complex, but this is not indicated in the provided documentation."
}