{
    "fund_name": "Invesco NASDAQ Biotech UCITS ETF Acc",
    "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 from swap agreements",
        "Potential tracking error due to swap pricing"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via unfunded swaps to track the NASDAQ Biotechnology Index, which introduces counterparty risk and potential tracking error. While the underlying index consists of liquid biotech equities, the swap-based structure and counterparty exposure make this a complex product under MiFID II. The PRIIPs KID confirms the synthetic replication method and highlights counterparty risk as a key risk factor. The fund's risk category 6 (out of 7) also suggests higher complexity. While the underlying assets are straightforward, the swap-based replication method and associated risks elevate this to a complex classification.",
    "confidence": 90
}