{
    "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 Emerging Markets 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 explicitly stated in the PRIIPs KID ('Physical' replication method). 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,' the PRIIPs KID clarifies this is for efficient portfolio management (EPM) purposes only, not as an inherent part of the strategy. There is no mention of synthetic replication, swaps, or leverage. 3. Underlying Assets: The fund invests in large- and mid-cap equities across emerging markets, with no mention of complex underlying assets like contingent convertible bonds or structured products. 4. Risk Profile: The fund's risk category (6/7) is consistent with its equity-focused, emerging markets exposure and does not indicate complexity. 5. Transparency: The fund provides clear, comprehensive disclosures about its strategy, risks, and costs, aligning with MiFID II transparency requirements for non-complex products. 6. UCITS Compliance: The fund is UCITS-compliant, which inherently limits complexity in structure and risk. The absence of leverage, inverse exposure, or synthetic replication, combined with the use of physical replication and straightforward equity investments, supports the non-complex classification. The fund's derivative usage is limited to EPM, which does not trigger complexity under MiFID II.",
    "confidence": 95
}