{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "Index complexity (US Momentum Index)",
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant, passively managed with a physical replication strategy, and aims to match the performance of the iNDEX US Momentum Index. Derivatives are not prominently mentioned, suggesting they are not central to the investment strategy, which indicates a non-complex structure. The fund invests primarily in equity securities that are included in the index and attempts to replicate, before fees and expenses, the performance of the Index. Tracking error between 0-2% in normal market conditions. No leverage or swaps are used. The ETF may invest in depository receipts or money market instruments, short-term instruments and other eligible Funds, if direct investment in a constituent of the Index is not possible. However, the complexity of the underlying index (US Momentum Index) could introduce complexities for retail clients lacking knowledge of the methodology used to construct this index.",
        "complex": false,
        "explanation": "This UCITS ETF uses physical replication to track the iNDEX US Momentum Index. Any use of derivatives is limited to efficient portfolio management. The structure is generally transparent and risks are those associated with equity market exposure. No significant leverage or embedded derivatives are apparent."
    }
}