{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI USA Momentum Factor Advanced UCITS ETF is a UCITS-compliant ETF that aims to replicate the MSCI USA Momentum Advanced Select Index by physically holding equity securities in similar proportions to the index. The KIID and PRIIPs KID documents confirm that the fund uses physical replication and only may use financial derivative instruments (FDIs) to help achieve the investment objective, but these are not inherent to the strategy and are likely for risk management or efficient portfolio management, thus derivatives are marked false. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to swaps. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (5 out of 7), consistent with equity market risk and factor investing, but not indicative of complexity under MiFID II. Charges are straightforward with a TER of 0.20%, no performance fees, and securities lending revenue sharing disclosed but not increasing costs. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. The index tracked is a factor-based equity index with ESG and carbon reduction constraints, which adds some complexity in index construction but does not make the ETF itself complex under MiFID II. There are no capital protection or structured features. Overall, the ETF is non-complex as it uses physical replication, has no leverage or synthetic elements, and invests directly in liquid equity securities."
}