{
    "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 Invesco MSCI USA UCITS ETF uses unfunded swaps to achieve its investment objective, which introduces counterparty risk and complexity. The KIID explicitly states that the fund enters into swap agreements to exchange the performance of its held securities for the performance of the MSCI USA Index, a hallmark of synthetic replication. Additionally, the fund's risk profile is categorized as level 6, indicating higher risk, and the KIID highlights risks associated with synthetic ETFs, including counterparty exposure and potential tracking error. While the fund does not employ leverage or inverse strategies, the use of swaps and synthetic replication inherently makes it a complex instrument under MiFID II rules. The PRIIPs KID and factsheet reinforce these points, confirming the synthetic replication method and the presence of swap fees, further supporting the classification as complex.",
    "confidence": 90
}