{
    "type": "ETF",
    "ucits": true,
    "fund_name": "First Trust US Momentum UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The First Trust US Momentum UCITS ETF is a UCITS-compliant equity ETF domiciled in Ireland, tracking the iNDEX US Momentum Index. The fund uses physical full replication of the underlying index, investing primarily in the equity securities of the index or their depositary receipts. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. The fund does not employ leverage or inverse exposure. The risk profile is high (level 6-7), reflecting the volatility of the momentum equity strategy rather than structural complexity. The fund's holdings are straightforward equities with no complex underlying assets such as contingent convertible bonds or CLOs. Costs are simple with a single ongoing charge of 0.60%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not include any comprehension warnings or complexity flags beyond the high risk rating typical for equity momentum strategies. The monthly factsheet confirms physical replication and no use of derivatives or swaps. Therefore, despite a high risk profile due to market volatility, the fund does not meet MiFID II criteria for a complex financial instrument."
}