{
    "fund_name": "Invesco MSCI Europe ex-UK UCITS ETF",
    "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"
    ],
    "classification": "complex",
    "supporting_data": "The fund uses synthetic replication with unfunded swaps, which introduces counterparty risk and makes the investment strategy more complex. While the underlying index (MSCI Europe ex-UK) is relatively straightforward, the use of derivatives for replication purposes triggers MiFID II complexity classification. The fund does not use leverage or inverse strategies, but the synthetic structure with swap agreements creates additional risks that may not be easily understood by retail investors. The PRIIPs KID and factsheet confirm the synthetic replication method and counterparty risk, reinforcing the complexity determination.",
    "confidence": 90
}