{
    "fund_name": "Invesco STOXX Europe 600 Optimised Financial Services UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "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 reliance on swap agreements and the potential financial loss due to counterparty insolvency. The risk category is 6, indicating higher risk and complexity. The synthetic replication method and the use of derivatives for index tracking are significant factors contributing to its classification as a complex instrument under MiFID II.",
    "confidence": 95,
    "risk_level": 6,
    "additional_notes": "While the ETF does not use leverage or inverse strategies, the use of swaps and synthetic replication introduces complexity that may not be easily understood by retail investors. The counterparty risk and the potential for tracking error due to swap pricing spreads further support the classification as complex."
}