{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco MSCI USA Universal Screened UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco MSCI USA Universal Screened UCITS ETF is a passively managed UCITS-compliant ETF that physically replicates the MSCI USA Universal Select Business Screens Index by holding, as far as practicable, all securities in the index in their respective weightings. The KIID and PRIIPs KID documents explicitly state that the Fund may use derivatives only for risk management, cost reduction, or generating additional capital or income, but this usage is ancillary and not inherent to the investment strategy, thus derivatives are not considered a complexity driver here. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure. The factsheet confirms physical replication and no use of synthetic structures or funded/unfunded swaps. The Fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is moderate-high (risk category 5-6), reflecting equity market risk and some securities lending risk, but no complexity-related risk factors such as counterparty risk or capital protection mechanisms are present. Costs are straightforward with a low ongoing charge (0.09%) and no performance fees or swap fees. The index tracked is a standard ESG-screened large and mid-cap US equity index, with no complex structured features or contingent return formulas. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance, with physical replication and minimal derivative use limited to risk management, leading to a non-complex classification under MiFID II."
}