{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF uses a 'momentum factor' strategy, which, while not inherently complex, involves optimizing the portfolio based on recent price performance and volatility and an ESG optimisation approach. This may introduce complexity for a retail investor.",
        "classification": "non-complex",
        "supporting_data": "Based on the provided Key Investor Information Document (KIID) for the iShares MSCI USA Momentum Factor Advanced UCITS ETF, the ETF primarily uses physical replication to track the MSCI USA Momentum Advanced Select Index. It aims to invest in equity securities (shares) that make up the index. It may also engage in securities lending. While the ETF uses a 'momentum factor' strategy, which, while not inherently complex, involves optimizing the portfolio based on recent price performance and volatility and an ESG optimisation approach, which adds a layer of complexity. No mention is made of using derivatives other than for EPM. The fund's objectives and investment policy are presented in a clear and straightforward manner. The risk profile indicates a medium to long-term investment horizon, which does not make it complex. The fund is suitable for shorter term exposure to the index. The risks, like daily stock market movements and index methodology risk are standard for an equity ETF and are well-disclosed in the KIID. The fund is UCITS compliant. The ETF is presumed non-complex because of its regulated nature, transparent index, and lack of complex features that could confuse retail investors, and it can be considered as non-complex under MiFID II."
    }
}