{
    "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 USA Universal Screened UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. Replication Method: The fund uses physical replication (as confirmed in the PRIIPs KID and fact sheet), directly holding securities in the index rather than synthetic replication. 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,' the PRIIPs KID and fact sheet clarify this is for efficient portfolio management (e.g., hedging, cost reduction) and not for leverage or complex strategies. 3. Risk Profile: The fund tracks a straightforward equity index with no leverage, inverse exposure, or capital protection features. The risk category (6/7) is typical for equity ETFs and does not indicate complexity. 4. Transparency: The fund is UCITS-compliant, provides daily liquidity, and has a clear, transparent investment strategy focused on ESG-screened US equities. 5. Counterparty Risk: While securities lending is mentioned, it is a standard practice in ETFs and does not introduce complexity. The absence of swap counterparty risk (confirmed by physical replication) further supports the non-complex classification.",
    "confidence": 95
}