{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Invesco BulletShares 2027 USD Corporate Bond UCITS ETF is a passively managed ETF that physically replicates the Bloomberg 2027 Maturity USD Corporate Bond Screened Index using sampling techniques. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the investment strategy. Derivatives are only used for risk management purposes such as currency hedging (FX forwards) and possibly for cost reduction or income generation, but not as an inherent element of the investment strategy, so derivatives are marked false. The fund does not employ leverage, inverse or amplified exposure. The underlying assets are investment grade USD-denominated corporate bonds with fixed coupons and maturities in 2027, which are liquid and transparent securities. There are no capital protection or structured features. The risk profile is moderate-low (risk category 3-4), consistent with a straightforward bond ETF. Costs are simple with a low ongoing charge (0.12%) and no performance fees or complex fee structures. Securities lending is used but disclosed transparently. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no use of swaps, and a straightforward index with ESG exclusions. Overall, the ETF exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex."
}