{
    "fund_name": "Invesco Consumer Discretionary S&P US Select Sector UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using unfunded swaps",
        "Counterparty risk exposure from swap agreements",
        "Potential tracking error due to swap pricing"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication with unfunded swaps, which introduces counterparty risk and potential tracking error. While the underlying index (S&P Select Sector Capped 20% Consumer Discretionary Index) is relatively straightforward, the use of swaps for replication makes the fund's performance dependent on counterparty performance. The KIID explicitly mentions 'synthetic ETF risk' and 'counterparty risk,' which are key indicators of complexity under MiFID II. The PRIIPs KID and factsheet confirm the synthetic replication method and swap usage, reinforcing the complexity classification. The fund's risk category (7) and the disclosure of potential tracking error further support this determination.",
    "confidence": 90
}