{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco MSCI Europe Catholic Principles UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Replication Method: The fund uses physical replication, as explicitly stated in the PRIIPs KID ('Physical Replication'). This is a key non-complex indicator. 2. Derivative Usage: While the KIID mentions the fund 'may use derivative instruments for the purposes of managing risk, reducing costs or generating additional capital or income,' this is a standard disclosure and not indicative of complex derivative strategies. The PRIIPs KID confirms no swap usage or synthetic replication. 3. Leverage/Inverse Exposure: No leverage or inverse exposure is mentioned in any document. 4. Underlying Assets: The fund invests in equities from the MSCI Europe Select Catholic Principles ESG Leaders 10/40 Index, which are liquid and transparent. 5. Risk Profile: The fund is in risk category 6 (out of 7), but this is typical for equity ETFs and not indicative of complexity. 6. UCITS Compliance: The fund is UCITS-compliant, which inherently limits complexity. 7. No Complex Features: No capital protection, structured products, or contingent bonds are mentioned. The only potential complexity factor is the ESG screening methodology, but this does not trigger MiFID II complexity rules.",
    "confidence": 95
}