{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco Quantitative Strategies ESG Global Equity Multi-Factor UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1. The fund uses physical replication (as confirmed in the fact sheet) and does not employ synthetic replication methods. 2. There is no mention of leverage, inverse strategies, or swap agreements in the KIID or PRIIPs documents. 3. The fund's investment strategy is actively managed but follows a transparent, rules-based approach using quantitative factors (Value, Quality, Momentum) to select global equities. 4. The fund is UCITS-compliant, which inherently imposes strict regulatory constraints on complexity. 5. The risk profile (category 6) is clearly disclosed and aligns with the fund's equity-focused strategy. 6. The fund does not exhibit any of the complexity triggers under MiFID II (e.g., capital protection, structured products, or contingent bonds). 7. The use of derivatives is limited to managing risk, reducing costs, or generating additional capital/income, which is standard for UCITS ETFs and does not trigger complexity. 8. The fund's holdings are liquid, transparent, and easily understandable (e.g., Microsoft, NVIDIA, Royal Bank of Canada). 9. The PRIIPs KID does not include a comprehension warning, further supporting the non-complex classification.",
    "confidence": 95
}