{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco MSCI Europe Ex UK Universal Screened UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF that physically replicates the MSCI Europe Ex UK Universal Select Business Screens Index by holding, as far as practicable, all securities in the index in their respective weightings. There is no mention of synthetic replication, swap agreements, or total return swaps in the KIID, PRIIPs KID, or factsheet. The Fund may use derivatives only for risk management or cost reduction purposes, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk indicator is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market risk, not complexity). The Fund invests directly in liquid, large- and mid-cap equities across developed European markets (excluding UK), with no complex underlying assets such as contingent convertible bonds or CLOs. No capital protection or structured features are present. Costs are straightforward with a low ongoing charge (0.16%) and no performance fees or swap fees. Securities lending is used but disclosed transparently and is common in physical ETFs. The index tracked is ESG-screened but not inherently complex or synthetic. No comprehension warnings or complexity flags appear in the PRIIPs KID. Therefore, the Fund is classified as non-complex under MiFID II criteria.",
    "risk_level_assessment": "The Fund's stated risk profile is medium (4-6 on a 7-point scale), reflecting normal equity market volatility and ESG screening impact, not complexity. The absence of leverage, synthetic replication, or complex derivatives aligns with a non-complex classification despite a moderate risk rating."
}