{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "derivatives": false,
    "swaps": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco S&P 500 Quality UCITS ETF aims to replicate the Net Total Return performance of the S&P 500 Quality Index by holding all securities in the index in similar proportions, indicating physical replication. The KIID explicitly states that derivatives may be used only for risk management, cost reduction, or income generation, not as a core part of the investment strategy, so derivatives are not considered inherent to the fund's strategy. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. No leverage, inverse or amplified return features are present. The underlying assets are large-cap US equities selected by quality scores, which are liquid and transparent. The risk profile is category 6, reflecting market volatility but not complexity from structure. Securities lending is disclosed but is a common practice and does not imply complexity. Fees are straightforward with no performance fees or swap fees. No capital protection or structured features are present. Overall, the fund exhibits a straightforward, physical replication strategy with minimal derivative use for risk management, no leverage, and invests in liquid equities, leading to a non-complex classification under MiFID II."
}