{
    "name": "Invesco FTSE RAFI All-World 3000 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 with a representative sampling approach to track the FTSE RAFI All-World 3000 Index. It does not employ leverage, inverse strategies, or synthetic replication methods. The risk profile is categorized as level 6, but this is primarily due to the equity risk and emerging market exposure rather than structural complexity. The KIID and factsheet confirm no use of derivatives beyond standard securities lending, which is a common practice in physically replicated ETFs. The index itself, while fundamentally weighted, is transparent and based on standard equity securities. The ETF is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II.",
    "confidence": 95,
    "counter_argument": "The risk level (6) might suggest complexity, but this is due to market risks (equity and emerging markets) rather than structural complexity. The use of securities lending could be seen as a derivative-like activity, but it is a standard practice in physical ETFs and does not introduce material additional risk or complexity for retail investors.",
    "final_reasoning": "The ETF is classified as non-complex because it uses physical replication, has no leverage or inverse exposure, and does not rely on derivatives or swaps for its core strategy. The risk level is high due to market exposure, not structural complexity, and the fund is UCITS-compliant with transparent holdings."
}