{
    "name": "iShares Edge MSCI USA Momentum Factor UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI USA Momentum Index, which is a subset of large and mid-cap U.S. equities selected based on price momentum. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, this appears to be for efficient portfolio management (EPM) rather than as a core strategy. The fund does not exhibit leverage, inverse exposure, or synthetic replication. The risk profile is rated 6 out of 7, but this is primarily due to the equity market and factor focus risks rather than structural complexity. The fund is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II. The absence of swaps, leverage, or capital protection mechanisms further supports the non-complex classification.",
    "confidence": 95
}