{
    "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. The fund does not employ leverage or inverse strategies, and the risk category is 6, reflecting equity market risk but not complexity from leverage or derivatives. Securities lending is disclosed but is a common practice and does not imply complexity under MiFID II. The fund is UCITS compliant, which imposes regulatory constraints limiting complexity. No capital protection or structured features are present. The underlying assets are large-cap US equities selected by quality factors, which are liquid and transparent. No complex structured products or contingent bonds are held. Fees are straightforward with no performance fees or swap fees. Overall, the fund exhibits a straightforward, physical replication strategy with minimal derivative use for risk management, no leverage, and no complex underlying assets, leading to a non-complex classification under MiFID II."
}