{
    "fund_name": "Invesco STOXX Europe 600 Optimised Basic Resources UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Synthetic Replication",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses unfunded swaps to achieve its investment objective, which introduces counterparty risk and complexity. The KIID explicitly mentions the use of swap agreements and derivative instruments, which are key indicators of complexity under MiFID II. Additionally, the ETF's synthetic replication method and the reliance on counterparties to deliver the performance of the benchmark further contribute to its classification as complex. The risk category of 7 also indicates a higher risk profile, which is often associated with complex instruments.",
    "confidence": 90,
    "risk_level": 7,
    "counterparty_risk": true,
    "liquidity_risk": false,
    "capital_protection": false,
    "structured_features": false,
    "underlying_asset_complexity": false,
    "costs_and_charges_complexity": false,
    "additional_notes": "While the ETF does not use leverage or invest in complex underlying assets, the use of swaps and synthetic replication is sufficient to classify it as complex under MiFID II. The ETF's risk profile and the explicit mention of derivative-related risks further support this classification."
}