{
    "fund_name": "Invesco S&P 500 Equal Weight Swap UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses unfunded swaps to achieve its investment objective, which introduces counterparty risk and complexity. The KIID explicitly states that the Fund will use swaps to exchange the performance of a basket of equities for the performance of the S&P 500 Equal Weight Index. This synthetic replication method, along with the associated counterparty risk, makes the product complex under MiFID II. Additionally, the risk category is 6, indicating higher risk, and the presence of derivative-related risks further supports the complex classification.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": true,
    "benchmark_complexity": "The S&P 500 Equal Weight Index is a well-known benchmark, but the use of swaps to replicate it adds complexity.",
    "additional_notes": "While the ETF itself does not use leverage or inverse strategies, the reliance on swaps and the synthetic replication method are sufficient to classify it as complex under MiFID II. The PRIIPs KID and factsheet confirm the use of swaps and the associated risks, reinforcing the classification."
}