{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco Dow Jones US Insurance UCITS ETF is a physically replicated ETF that aims to track the Dow Jones U.S. Select Insurance Index. It does not use leverage, inverse strategies, or synthetic replication. The fund holds the underlying securities directly and does not employ derivatives beyond what may be used for efficient portfolio management (EPM). The risk profile is clearly disclosed, and the fund is UCITS-compliant, which imposes strict regulatory requirements on transparency and investor protection. The KIID and factsheet do not indicate any complex features such as capital protection mechanisms, structured products, or illiquid assets. The fund's risk level (category 7) is primarily due to its sector concentration in insurance equities rather than structural complexity. The absence of swaps, leverage, or other complex instruments supports the non-complex classification.",
    "confidence": 95
}