{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco MSCI USA Universal Screened UCITS ETF is classified as non-complex under MiFID II based on the following analysis:1. **Replication Method**: The fund uses physical replication (as confirmed in the PRIIPs KID and fact sheet), meaning it directly holds the securities in the index rather than using synthetic methods like swaps or derivatives.2. **Derivative Usage**: While the KIID mentions the fund 'may use derivative instruments for the purposes of managing risk, reducing costs or generating additional capital or income,' this is a standard disclosure and does not indicate active or material derivative usage. The PRIIPs KID and fact sheet do not mention any swap agreements or derivative exposure, reinforcing that derivatives are not a core part of the strategy.3. **Leverage/Inverse Exposure**: There is no mention of leverage, inverse exposure, or amplified returns in any of the documents. The fund's objective is to track the net total return of the MSCI USA Universal Select Business Screens Index, which is a straightforward equity index.4. **Underlying Asset Complexity**: The index tracks large and mid-cap US equities with ESG screens, which are transparent and liquid securities. There is no exposure to complex structured products, contingent bonds, or illiquid assets.5. **Risk Profile**: The fund is classified in risk category 6 (out of 7) in the KIID, but this is typical for equity funds and does not indicate complexity. The risks disclosed (e.g., equity risk, country concentration) are standard for equity ETFs.6. **UCITS Compliance**: The fund is UCITS-compliant, which inherently limits the use of complex strategies and derivatives. UCITS funds are subject to strict regulations that restrict leverage and derivative usage, making them inherently less complex.7. **Counterparty Risk**: There is no mention of counterparty risk related to derivatives or swaps, further supporting the non-complex classification.8. **Costs and Charges**: The fund has a straightforward fee structure (0.12% ongoing charge) with no performance fees or complex cost arrangements.The only potential complexity factor is the use of FX forwards for currency hedging, but this is a standard practice for currency-hedged share classes and does not trigger complexity under MiFID II. The fund's overall structure, transparency, and lack of material derivative exposure align with a non-complex classification.",
    "confidence": 95
}