{
    "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 Islamic Global Developed Markets UCITS ETF Acc is a physically replicated ETF that tracks the Dow Jones Islamic Market Developed Markets Index. It uses sampling techniques to hold a representative subset of the index constituents, which is a common and non-complex replication method. The fund does not employ leverage, inverse strategies, or synthetic replication via swaps or derivatives. The risk profile is categorized as level 6, but this is primarily due to equity market risks rather than structural complexity. The fund is UCITS-compliant, which imposes additional investor protection and transparency requirements. The KIID and factsheet do not mention any complex features such as capital protection mechanisms, contingent bonds, or sophisticated derivative strategies. The fund's objective and strategy are straightforward, and the risks are typical of equity ETFs. The absence of any 'comprehension warning' in the PRIIPs KID further supports the non-complex classification.",
    "confidence": 95,
    "counter_argument": "Some might argue that the risk level (6) indicates complexity, but this is due to market risk rather than structural complexity. The Shari'ah compliance screening could be seen as an additional layer, but it does not introduce complexity in the MiFID II sense, as it is a rules-based exclusion process rather than a complex financial structure. The physical replication and lack of derivatives or leverage are the primary reasons for the non-complex classification."
}