{
    "fund_name": "Invesco Consumer Staples S&P US Select Sector UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": true,
    "replication_method": "synthetic",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Unfunded swap structure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses unfunded swaps for synthetic replication, which introduces counterparty risk and complexity beyond simple physical replication. While the underlying index (S&P Select Sector Capped 20% Consumer Staples Index) is relatively straightforward, the use of swaps and the potential for tracking error due to counterparty performance make this a complex product under MiFID II. The PRIIPs KID confirms the synthetic replication method and highlights counterparty risk as a key risk factor. The fact sheet further clarifies the swap usage and the potential for tracking error, reinforcing the complexity classification.",
    "confidence": 90
}