{
    "fund_name": "Invesco STOXX Europe 600 Optimised Health Care 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 spreads"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication with unfunded swaps to achieve its objective, which introduces counterparty risk and potential tracking error. While the underlying index (STOXX Europe 600 Optimised Health Care) is not inherently complex, the use of swaps for replication triggers MiFID II complexity classification. The KIID and PRIIPs documents explicitly mention swap counterparty risk and the potential for the fund to purchase securities not contained in the index, further supporting the complex classification. The fund's risk category (6) and disclosures about synthetic ETF risk also align with this determination.",
    "confidence": 90
}