{
    "fund_name": "Invesco STOXX Europe 600 Optimised Basic Resources 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",
        "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 is straightforward (basic resources equities), the use of swaps for replication makes the structure more complex. The PRIIPs KID confirms synthetic replication and highlights counterparty risk as a key risk factor. The fund's risk category 7 (highest) also suggests complexity. While derivatives are used for replication rather than leverage or inverse exposure, the synthetic structure and counterparty risk are sufficient to classify this as complex under MiFID II.",
    "confidence": 90
}