{
    "fund_name": "Invesco Real Estate S&P US Select Sector UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Complex index tracking"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses unfunded swaps for synthetic replication, which introduces counterparty risk and complexity beyond simple physical replication. The KIID explicitly mentions 'unfunded swaps' and 'swap agreements', which are key complexity indicators under MiFID II. While the fund does not use leverage or inverse strategies, the synthetic structure and reliance on derivative instruments for tracking the index make it complex. The risk section also highlights 'synthetic ETF risk' and counterparty risk, further supporting the complex classification. The PRIIPs document confirms the synthetic replication method and swap usage, reinforcing the complexity determination.",
    "confidence": 90
}