{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco Global Active Defensive ESG Equity UCTIS ETF",
    "investment_objective": "Achieve long-term return in excess of MSCI World Index by investing in an actively-managed portfolio of global equities meeting ESG criteria while limiting volatility",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global developed markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund is an actively managed UCITS ETF investing primarily in physical equity and equity-related securities globally, selected based on ESG criteria and quantitative models. The KIID and PRIIPs documents explicitly state that derivatives may be used only for risk management, cost reduction, or income generation, not as a core part of the investment strategy, indicating minimal derivative exposure. There is no mention of synthetic replication, swap agreements, or counterparty risk. The fund does not employ leverage or inverse strategies. The risk rating is moderate (4-6 in KIID, 4 in PRIIPs), consistent with equity market risk but not indicative of complexity. The fund uses physical replication with monthly rebalancing and no complex structured products or capital protection features. Securities lending is used but is standard and disclosed. Costs are straightforward with no performance fees or swap fees. The underlying assets are liquid global equities with no complex bonds or contingent convertible bonds. The PRIIPs KID does not carry any comprehension warnings. Overall, the fund\u2019s structure, replication, and risk profile align with a non-complex classification under MiFID II."
}