{
    "fund_name": "Invesco Morningstar US Energy Infrastructure MLP UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "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 beyond standard physical replication. The KIID explicitly mentions the use of derivatives and swaps, which are key indicators of complexity under MiFID II. The risk category is 7, indicating higher risk and potential complexity. The synthetic replication method, reliance on counterparties, and the potential for tracking error further contribute to the classification as a complex instrument.",
    "confidence": 90,
    "risk_level": 7,
    "counterparty_risk": true,
    "underlying_assets": "Energy Master Limited Partnerships (MLPs)",
    "benchmark_complexity": "The Morningstar MLP Composite Index is a specialized index focusing on MLPs, which may involve unique risks and complexities related to the energy sector and partnership structures.",
    "additional_notes": "While the ETF does not use leverage or inverse strategies, the use of swaps and synthetic replication is sufficient to classify it as complex under MiFID II. The PRIIPs KID and factsheet confirm the use of swaps and the synthetic replication method, reinforcing the complexity classification."
}