{
    "fund_name": "Invesco FTSE All-World UCITS ETF",
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco FTSE All-World UCITS ETF is a physically replicated ETF that tracks the FTSE All-World Index using a sampling technique. It does not employ synthetic replication, leverage, or inverse strategies. The KIID and factsheet confirm that the fund uses physical replication and does not rely on derivatives or swaps for its investment strategy. The risk profile is categorized as level 6, but this is primarily due to the broad market exposure rather than structural complexity. The fund is UCITS-compliant, which imposes additional investor protection and transparency requirements. The absence of complex features such as leverage, derivatives, or synthetic replication supports the classification as non-complex under MiFID II.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "While the risk level is relatively high (category 6), this is attributed to the inherent volatility of global equities rather than structural complexity. The fund's use of sampling techniques does not introduce complexity beyond what is typical for physically replicated ETFs. The absence of derivatives, leverage, or synthetic replication further supports the non-complex classification."
}