{
    "ucits": true,
    "type": "ETF",
    "leverage": true,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Active management, use of derivatives for investment purposes and risk reduction, potential for market leverage, quantitative models, ESG screening, counterparty risk from derivatives and securities lending",
    "supporting_data": "The ETF is a UCITS-compliant, actively managed fund that primarily invests in global developed market equities but may also use financial derivative instruments (FDIs) for investment purposes, risk reduction, cost management, and to generate additional income. The fund may generate varying amounts of market leverage via FDIs, meaning it can gain market exposure in excess of the value of its assets. The investment manager uses quantitative models for stock selection and risk management, and the portfolio may deviate materially from its reference index. The fund engages in securities lending (with associated counterparty risk) and applies ESG screening, which may affect performance. The risk indicator is high (6/7), reflecting the nature of the investments and the risks involved, including market, model, ESG, and counterparty risks. The fund's structure, active management, and derivative use introduce complexity beyond standard passive, physically replicated UCITS ETFs, which are typically non-complex. The use of derivatives is not limited to efficient portfolio management (EPM) but extends to achieving the investment objective and managing risk, which can make the product's risk-return profile and associated risks (e.g., counterparty, leverage) harder for the average retail investor to understand. While the replication method is physical for equities, the overall strategy's complexity, active management, and derivative use are material factors in the complexity assessment.",
    "classification": "complex"
}