{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco MSCI USA UCITS ETF",
    "investment_objective": "To achieve the net total return performance of the MSCI USA Index less fees, expenses and transaction costs.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The fund uses unfunded swaps to synthetically replicate the MSCI USA Index performance. The KIID explicitly states the use of swap agreements with approved counterparties, which do not require collateral but expose the fund to counterparty risk. The fund holds a basket of equities that differ from the index constituents, and the index performance is swapped from the counterparty to the fund. The replication method is synthetic, confirmed by the factsheet. There is no leverage or inverse exposure. The risk profile is medium-high (category 5-6), reflecting the use of derivatives and counterparty risk. The PRIIPs KID does not include a comprehension warning but highlights counterparty risk and the absence of capital protection. Costs include a swap fee (0.07% p.a.) in addition to the ongoing charge (0.05% p.a.), indicating derivative-related costs. The fund invests in liquid, large and mid-cap US equities but uses swaps as an inherent part of its strategy, making it complex under MiFID II. There is no leverage or structured capital protection. The synthetic replication and swap usage are the primary drivers of complexity classification."
}