{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco BulletShares 2027 USD Corporate Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicating bond ETF that tracks the Bloomberg 2027 Maturity USD Corporate Bond Screened Index using a sampling approach. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. Derivatives may be used only for risk management or cost reduction, not as an inherent part of the strategy, so derivatives are marked false. There is no leverage or inverse exposure. The underlying assets are investment grade USD-denominated corporate bonds with fixed coupons and maturities in 2027, which are liquid and transparent securities. The risk profile is moderate (risk category 4 out of 7), consistent with a straightforward bond ETF. No capital protection or structured features are present. Costs are simple with a low ongoing charge (0.10%) and no performance fees. Securities lending is used but is a common practice and does not add complexity under MiFID II. The PRIIPs KID does not contain any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no use of swaps or synthetic structures, and a straightforward index. Therefore, the ETF does not meet the MiFID II criteria for a complex financial instrument."
}