{
    "name": "iShares Edge MSCI World Momentum",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Factor-based strategy",
        "Optimized replication with potential derivative use"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with optimization techniques that may include derivatives for efficient portfolio management (EPM) rather than as a core strategy. The primary complexity comes from the momentum factor strategy and optimized sampling, but these are clearly disclosed and the fund maintains a straightforward equity exposure. The risk level (6) is high due to equity market risks rather than structural complexity. The KIID explicitly states derivatives may be used for 'direct investment purposes' but this appears to be within standard EPM parameters.",
    "confidence": 85,
    "counter_argument": "Some might argue the factor-based strategy and use of derivatives could make this complex. However, the derivatives are used within standard EPM parameters and the momentum strategy is clearly explained, making the risks understandable to retail investors. The physical replication method and lack of leverage/inverse exposure support the non-complex classification.",
    "risk_level": 6,
    "benchmark_complexity": "The MSCI World Momentum Index is complex in its construction (factor-based with specific selection criteria), but this complexity is inherent to the index being tracked rather than the ETF structure itself."
}