{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco Morningstar US Energy Infrastructure MLP UCITS ETF",
    "investment_objective": "To achieve the total return performance of the Morningstar MLP Composite Index, less fees, expenses and transaction costs.",
    "primary_asset_class": "Equity (Energy Master Limited Partnerships - MLPs)",
    "geographic_focus": "United States",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded swaps",
        "Synthetic replication",
        "Counterparty risk",
        "Complex underlying index (MLPs)",
        "Use of securities not in the index"
    ],
    "classification": "complex",
    "supporting_data": "The Fund uses unfunded swap agreements to synthetically replicate the performance of the Morningstar MLP Composite Index. The swaps are unfunded, meaning the Fund does not post collateral but exchanges cash flows with a counterparty based on the performance of a basket of equities and equity-related securities, some of which are not contained in the index. This introduces counterparty risk and complexity beyond physical replication. The Fund's risk rating is 7 out of 7, indicating a high risk profile consistent with complex instruments. The underlying index tracks energy master limited partnerships (MLPs), which are specialized equity securities with unique tax and structural features, adding to complexity. The PRIIPs KID confirms the use of swaps and highlights the reliance on counterparties to deliver index performance, with no capital protection and a high risk indicator (6 out of 7). The ongoing charges include a swap fee (0.75% p.a.) in addition to management fees, reflecting derivative costs. There is no leverage or inverse exposure, but the synthetic replication and swap usage, combined with the complex underlying asset class and high risk rating, drive the classification as complex under MiFID II. No capital protection or structured features are present, but the counterparty risk and synthetic structure are key complexity drivers."
}