{
    "fund_name": "Invesco S&P 500 QVM UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the S&P 500 Quality, Value, and Momentum Multi-Factor Index. There is no mention of synthetic replication, swaps, or leverage in the KIID or PRIIPs documents. The fund invests directly in the underlying securities of the index, and there are no references to complex structured products, capital protection mechanisms, or inverse/exposure strategies. The risk profile is rated at level 6, which is relatively high but does not inherently indicate complexity under MiFID II. The use of derivatives is limited to securities lending (90% of revenues returned to the fund), which is a common practice in ETFs and does not trigger complexity. The fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 95
}