{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index Methodology (Momentum Factor + ESG Optimization)",
        "Potential for Counterparty Risk (though minimal in physical replication)",
        "Factor Focus Risk (less diversified than broad market indices)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI World Momentum ESG Reduced Carbon Target Select Index, which is a complex index but does not inherently make the ETF complex. The fund does not use leverage, inverse strategies, or synthetic replication. While it may use derivatives for efficient portfolio management (e.g., hedging or reducing transaction costs), the KIID and PRIIPs documents do not indicate extensive or sophisticated derivative usage that would trigger MiFID II complexity. The risk profile is rated 6 (moderate), and the fund is UCITS-compliant, which aligns with non-complex classification. The main complexity factors are the index methodology and factor focus risk, but these do not meet the MiFID II thresholds for complexity.",
    "confidence": 90
}