{
    "fund_name": "Invesco EQQQ NASDAQ-100 UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of NASDAQ-100 index",
        "Currency hedging via FX forwards",
        "No leverage or inverse exposure",
        "No synthetic replication or swap usage",
        "Transparent, liquid underlying assets (large-cap US equities)"
    ],
    "classification": "non-complex",
    "supporting_data": "The Invesco EQQQ NASDAQ-100 UCITS ETF is classified as non-complex under MiFID II because it uses physical replication to track the NASDAQ-100 index, which consists of large, liquid US equities. The fund does not employ leverage, inverse strategies, or synthetic replication via swaps. While it uses FX forwards for currency hedging, this is a standard practice for currency-hedged share classes and does not introduce complexity. The underlying index is straightforward (large-cap US equities), and the fund's risk profile is easily understandable for retail investors. The PRIIPs KID and fact sheet confirm physical replication and the absence of complex derivative strategies. The fund's UCITS compliance further supports its non-complex classification.",
    "confidence": 95
}