{
    "fund_name": "Invesco MSCI Europe Ex UK Universal Screened UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Europe Ex UK Universal Screened Index, which is a straightforward equity index. While the KIID mentions that derivatives may be used for risk management, reducing costs, or generating additional capital or income, this is a common practice for efficient portfolio management (EPM) and does not inherently make the ETF complex. The ETF does not employ leverage, inverse strategies, or synthetic replication. The risk profile is clearly disclosed, and the underlying assets are liquid equities. The ESG screening does not introduce complexity under MiFID II rules. The ETF is UCITS-compliant, which generally aligns with non-complex classifications.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "Some might argue that the use of derivatives for any purpose could introduce complexity. However, the derivatives are explicitly stated to be used for risk management and cost reduction, which are standard EPM practices and do not materially alter the risk profile or require specialist knowledge to understand. The ETF's physical replication and transparent index-tracking objective further support its non-complex classification."
}