{
    "fund_name": "Invesco FTSE All-World UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication via sampling techniques to track the FTSE All-World Index, which consists of large- and mid-cap equities from developed and emerging markets. There is no mention of synthetic replication, leverage, or complex derivatives. The risk profile (category 6) is primarily due to equity market exposure rather than structural complexity. The KIID and factsheet confirm no use of swaps, unfunded derivatives, or leverage. The fund engages in securities lending, but this is a common practice and does not inherently add complexity under MiFID II. The index is straightforward (market-cap weighted, no exotic components), and the ETF's performance is closely aligned with it. While the risk level is high due to equity volatility, the structure itself is transparent and understandable for retail investors.",
    "confidence": 95,
    "counter_argument": "Some might argue that the high risk rating (6/7) or the use of securities lending could indicate complexity. However, the risk rating reflects market exposure rather than structural complexity, and securities lending is a standard practice in physical ETFs. The absence of derivatives, leverage, or synthetic replication outweighs these concerns.",
    "final_decision": "The ETF is classified as non-complex because it uses physical replication, has no leverage or derivatives beyond standard EPM, and tracks a transparent, market-cap-weighted index. The high risk rating is due to equity market volatility, not structural complexity."
}