{
    "fund_name": "Invesco STOXX Europe 600 Optimised Construction & Materials 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",
        "Complex index methodology"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication with unfunded swaps, which introduces counterparty risk and complexity beyond simple physical replication. The index methodology includes liquidity filters and optimised weighting, adding another layer of complexity. While the ETF is UCITS-compliant and does not use leverage or inverse strategies, the use of derivatives for replication and the potential tracking error from swap agreements make it complex under MiFID II. The PRIIPs KID and factsheet confirm the synthetic replication method and swap usage, reinforcing the complexity classification.",
    "confidence": 90
}