{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco S&P 500 Low Volatility UCITS ETF is a UCITS-compliant ETF that physically replicates the S&P 500 Low Volatility Index by holding, as far as practicable, all the underlying securities in their respective weightings. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. The fund does not employ leverage or inverse exposure. The PRIIPs KID confirms that derivatives may only be used for risk management purposes, not as an inherent part of the investment strategy, so derivatives exposure is minimal and not complexity-driving. The fund invests directly in liquid, transparent equity securities of large-cap US companies selected for low volatility, with no complex structured products or contingent bonds involved. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 out of 7 in MiFID KIID), reflecting equity market risk and some securities lending risk, but no significant counterparty or derivative risk. Costs are straightforward with a single ongoing charge of 0.25%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication, no leverage, and no synthetic structures. There are no capital protection or structured features. Overall, the ETF exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex."
}