{
    "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 ETF aiming to track the MSCI USA Universal Select Business Screens Index by physical replication, holding as far as possible all securities in the index in their respective weightings. The KIID and PRIIPs KID documents explicitly state that derivatives may be used only for risk management, cost reduction, or generating additional capital or income, but not as an inherent part of the investment strategy, and no synthetic replication or swap usage is mentioned. The monthly factsheet confirms physical replication and no use of synthetic instruments or swaps. There is no leverage, inverse or amplified exposure. The fund invests directly in large and mid-cap US equities with ESG screens applied, which are liquid and transparent securities. The risk profile is medium-high (5 out of 7), reflecting equity market risk and concentration in the US market, but no complexity flags such as capital protection, structured features, or contingent bonds are present. Costs are straightforward with a low ongoing charge (0.09%) and no performance fees or swap fees. Securities lending is used but is a common practice and does not add complexity under MiFID II. No counterparty risk from swaps or derivatives is disclosed. The PRIIPs KID does not carry a comprehension warning. Overall, the fund exhibits none of the complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, under MiFID II, this ETF is classified as non-complex."
}