{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The ETF is a UCITS ETF, which is presumed non-complex. It passively tracks the MSCI USA Momentum Index by holding the underlying equity securities. The investment policy clearly states a passive management approach aiming to replicate the index by holding the constituent equities. While the fund manager may use financial derivative instruments (FDIs), the KID states this is 'to help achieve the Fund's investment objectives', and importantly, the fund aims to invest in the equity securities that make up the Index, suggesting physical replication is the primary method. There is no mention of synthetic replication, embedded derivatives, or complex underlying assets or strategies that would make it difficult for a retail investor to understand. Securities lending is mentioned as a secondary income-generating activity, with a clear revenue share indicating it's not a primary driver of risk or complexity. The risk profile is rated six, but this is attributed to the nature of its investments (equities) and not to complex structural features. The index methodology, while specific (momentum factor), is explained as selecting equities based on past price increases and volatility, which is understandable in the context of equity investing. The overall structure and objective are transparent and align with the characteristics of a non-complex UCITS ETF."
    }
}