{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco MSCI Europe Catholic Principles UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The fund is a UCITS-compliant ETF that physically replicates the MSCI Europe Select Catholic Principles Selection 10-40 Index by holding the underlying equities in their respective weightings as far as practicable. The KIID and PRIIPs KID 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, so derivatives are marked false. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk exposure. 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 indicator is 4 (medium risk), which is moderate and typical for equity ETFs, and does not indicate complexity. Costs are straightforward with a single ongoing charge of 0.30%, no performance fees, and no complex fee structures. Securities lending is used but is a common practice and does not add complexity under MiFID II. The index tracked is a standard MSCI ESG index with sector and ESG-based exclusions and caps, but it is a transparent, liquid equity index without complex derivatives embedded. The monthly factsheet confirms physical replication and no use of synthetic structures or leverage. There is no PRIIPs comprehension warning or other complexity flags. Therefore, the fund is classified as non-complex under MiFID II."
}