{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded swaps",
        "Synthetic replication",
        "Counterparty risk",
        "Non-physical replication",
        "High risk rating (7/7)"
    ],
    "classification": "complex",
    "supporting_data": "The Invesco Morningstar US Energy Infrastructure MLP UCITS ETF uses synthetic replication via unfunded swap agreements with approved counterparties to achieve its investment objective. The Fund holds a basket of equities and equity-related securities that do not fully replicate the index, and swaps the performance of these holdings for the performance of the Morningstar MLP Composite Index. The use of unfunded swaps introduces counterparty risk, explicitly disclosed in the KIID and PRIIPs KID documents. The Fund is UCITS compliant but does not use physical replication or direct purchase of all underlying securities. There is no leverage or inverse exposure, and derivatives are used as an inherent part of the investment strategy rather than solely for risk management, so 'derivatives' is marked false per instructions. The risk rating is high (7 out of 7 in KIID, 6 out of 7 in PRIIPs), reflecting the volatility and complexity of the underlying MLP sector and the synthetic structure. The PRIIPs KID does not include a comprehension warning but highlights the high risk and potential for significant loss, consistent with complexity. The monthly factsheet confirms synthetic replication, swap fees (0.75% p.a.), and counterparty risk. The Fund invests in a complex index of energy MLPs, which are themselves specialized and can be illiquid or volatile. No capital protection or leverage is present. Overall, the synthetic replication via unfunded swaps and associated counterparty risk, combined with the complex underlying asset class, drive the classification as a complex financial instrument under MiFID II."
}