{
    "fund_name": "Invesco STOXX Europe 600 Optimised Industrial Goods & Services UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Unfunded Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses unfunded swaps to achieve its investment objective, which introduces counterparty risk and complexity. The KIID explicitly states that the Fund will use unfunded swaps to exchange the performance of a basket of equities for the performance of the index, which is a hallmark of synthetic replication. Additionally, the risk profile is rated at level 6, indicating higher risk, and the document highlights risks associated with synthetic ETFs and counterparty exposure. The use of derivatives for index tracking, rather than physical replication, further supports the classification as complex.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": true,
    "liquidity_risk": false,
    "capital_protection": false,
    "structured_features": false,
    "underlying_asset_complexity": false,
    "comprehension_warning": false,
    "additional_notes": "While the ETF does not use leverage or inverse strategies, the reliance on unfunded swaps and synthetic replication methods introduces complexity that may not be easily understood by retail investors. The counterparty risk and the potential for tracking error due to swap agreements are significant factors in this classification. The PRIIPs KID and factsheet reinforce the synthetic nature and the associated risks, confirming the complexity under MiFID II."
}