{
    "fund_name": "Invesco MSCI Europe Equal Weight 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 to track the MSCI Europe Equal Weighted Index, with no mention of leverage, derivatives, or swaps. It is UCITS-compliant, has a straightforward investment objective, and invests directly in liquid equities. The risk level is moderate (category 6), but this is due to market exposure rather than structural complexity. The KIID and factsheet confirm no synthetic replication or complex strategies are employed.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "While the ETF has a relatively high risk category (6), this is attributed to the volatility of European equities rather than structural complexity. The use of securities lending (with 90% revenue returned to the fund) is a common practice and does not introduce complexity under MiFID II rules, as it is disclosed transparently and does not alter the fund's risk profile materially.",
    "final_decision_override": "The absence of derivatives, leverage, or synthetic replication, combined with UCITS compliance and physical replication, firmly classifies this ETF as non-complex. The risk level is a function of market exposure, not structural complexity."
}