{
    "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. **Replication Method**: The fund uses physical replication, investing directly in global equities that meet ESG criteria. There is no mention of synthetic replication or swap agreements in the KIID or PRIIPs documents.2. **Derivative Usage**: While the fund may use derivatives for risk management, reducing costs, or generating additional capital/income, the language suggests this is for efficient portfolio management rather than as an inherent part of the strategy. The PRIIPs document does not indicate extensive or complex derivative usage.3. **Leverage and Inverse Exposure**: The fund does not employ leverage or inverse strategies. The investment objective is to achieve long-term returns through active management of global equities, not through amplified or inverse exposure.4. **Underlying Asset Complexity**: The fund invests in global equities screened for ESG criteria, which are relatively straightforward and transparent assets. There is no mention of complex structured products, illiquid securities, or contingent convertible bonds (CoCos).5. **Capital Protection**: The fund does not offer capital protection mechanisms or structured features that would typically indicate complexity.6. **Risk Profile**: The fund's risk category is 6 out of 7, which is relatively high, but this is due to the nature of equity investments rather than structural complexity. The risks are clearly disclosed and relate to general market, currency, and ESG risks, which are typical for equity funds.7. **Costs and Charges**: The fee structure is simple, with an ongoing charge of 0.30% and no performance fees or complex fee arrangements.8. **UCITS Compliance**: The fund is UCITS-compliant, which inherently limits the use of complex strategies and derivatives.9. **Additional Factors**: The fund is actively managed but follows a clear, rules-based quantitative strategy. The use of derivatives is likely limited to hedging currency risk (e.g., FX forwards), which is a common and transparent practice in UCITS funds.The absence of leverage, synthetic replication, complex derivatives, or structured features, combined with the fund's UCITS status and straightforward equity investment strategy, supports the classification as non-complex.",
    "confidence": 90
}