{
    "fund_name": "Invesco FTSE All-World UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication with sampling",
        "Exposure to emerging markets (higher risk)",
        "Securities lending activities",
        "China A-Shares via Stock Connect (additional risks)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with sampling techniques to track the FTSE All-World Index, which consists of large- and mid-cap equities across developed and emerging markets. While the index includes emerging markets (higher risk), the ETF itself does not use derivatives, leverage, or synthetic replication. The primary complexity factors are the exposure to emerging markets and the use of Stock Connect for China A-Shares, which introduces additional risks. However, these do not meet the MiFID II criteria for complexity as the fund remains transparent, liquid, and suitable for retail investors. The absence of derivatives, leverage, or inverse strategies further supports the non-complex classification.",
    "confidence": 90
}