{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco FTSE RAFI Europe UCITS ETF is a physically replicated ETF that tracks the FTSE RAFI Europe Index using full replication of the index constituents. The KIID and factsheet confirm that the fund uses physical replication, holds no derivatives or swaps for investment purposes, and has no leverage or inverse exposure. The risk profile is clearly disclosed, and the fund is UCITS-compliant, which imposes strict transparency and liquidity requirements. The underlying index is based on fundamental factors (sales, cash flow, book value, and dividends) but does not introduce additional complexity beyond standard equity exposure. The fund's risk level (category 6) is primarily due to equity market volatility rather than structural complexity. The factsheet explicitly states the replication method as 'physical,' and there are no indications of synthetic replication, counterparty risk, or complex structured products.",
    "confidence": 95
}