{
    "fund_name": "Invesco MSCI Europe UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": true,
    "complex_factors": [
        "Synthetic replication using unfunded swaps",
        "Counterparty risk exposure",
        "Complex index tracking via derivatives"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication with unfunded swaps to track the MSCI Europe Index, which introduces counterparty risk and complexity beyond direct physical replication. While the ETF itself is not leveraged or inverse, the use of derivatives for tracking purposes and the potential for tracking error due to swap counterparty performance makes it complex under MiFID II. The PRIIPs KID and fact sheet confirm the synthetic replication method and swap usage, which are key complexity indicators. The fund's risk profile (category 6) and disclosures about derivative risks further support this classification.",
    "confidence": 90
}