{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco Quantitative Strategies ESG Global Equity Multi-Factor UCITS ETF is an actively managed equity ETF investing directly in global equities screened for ESG criteria. The fund uses a quantitative stock selection and optimization process but does not track an index and is not constrained by a benchmark. The replication method is physical, as confirmed by the factsheet stating 'Active' replication and no mention of synthetic replication or swap usage. The KIID and PRIIPs KID documents mention that derivatives may be used only for risk management, cost reduction, or income generation, but this is not an inherent part of the investment strategy, so derivatives are considered false for complexity purposes. There is no leverage, inverse exposure, or capital protection features. The risk rating is 6 in the KIID (on a 1-7 scale), indicating moderately high market risk typical of equity funds, but no complexity flags such as counterparty risk or derivative risk warnings are present. Securities lending is disclosed but is a common feature and does not imply complexity. The fund is UCITS compliant, domiciled in Ireland, and uses physical holdings of liquid, transparent equity securities. No swap agreements, total return swaps, or synthetic replication language is found. The PRIIPs KID does not carry a comprehension warning or complexity flag. The monthly factsheet confirms no use of swaps or synthetic replication and shows a diversified portfolio of equities with no complex underlying assets like contingent bonds or CLOs. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}