{
    "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 High Dividend Low Volatility UCITS ETF is a physically replicated, passively managed ETF tracking the S&P 500 Low Volatility High Dividend Index. The fund holds the underlying securities directly, aiming to hold all index constituents in their respective weightings. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only limited use of derivatives for risk management purposes, which does not trigger complexity under MiFID II. The fund does not employ leverage, inverse or amplified exposure. The underlying assets are large-cap US equities with high dividend yields and low volatility, which are liquid and transparent. There are no capital protection or structured features. The risk rating is 5 out of 7, indicating medium-high risk typical for equity funds but not inherently complex. Costs are straightforward with a single ongoing charge of 0.30%, no performance fees, and no swap or derivative fees. Securities lending is used but is a common practice and disclosed transparently. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms physical replication and no synthetic or swap usage. Overall, the fund\u2019s structure, replication, underlying assets, and risk disclosures align with a non-complex classification under MiFID II."
}