{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco S&P 500 QVM UCITS ETF",
    "investment_objective": "To provide investment results which correspond to the price and yield performance of the S&P 500 Quality, Value, and Momentum Multi-Factor Index (Net Total Return).",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States (S&P 500 Index constituents)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF that physically replicates the S&P 500 Quality, Value & Momentum Multi-Factor Index by holding the underlying securities in their respective weightings as far as practicable. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only that derivatives may be used for risk management purposes, which does not trigger complexity under MiFID II. The Fund does not employ leverage or inverse exposure. The underlying assets are large-cap US equities, which are liquid and transparent. The risk profile is medium-high (risk category 5 out of 7 in PRIIPs, 6 in KIID), reflecting equity market risk and concentration risk, but not complexity from derivatives or structured products. Costs are straightforward with a single ongoing charge of 0.35% and no performance fees or swap fees. Securities lending is used but is a common practice and does not add complexity. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no leverage, no synthetic structures, and a straightforward multi-factor equity index strategy. Therefore, the Fund is classified as non-complex under MiFID II criteria."
}