{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco BulletShares 2028 USD Corporate Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The fund is a UCITS-compliant ETF that physically replicates the Bloomberg 2028 Maturity USD Corporate Bond Screened Index using a sampling technique. There is no mention of synthetic replication, swap agreements, or total return swaps in the KIID, PRIIPs KID, or factsheet. The fund may use derivatives only for risk management, cost reduction, or income generation, which does not trigger complexity under MiFID II. There is no leverage, inverse or amplified exposure. The underlying assets are investment grade USD-denominated corporate bonds with fixed coupons and maturities in 2028, which are liquid and transparent. The risk profile is moderate (risk category 4 in KIID, 3 out of 7 in PRIIPs), 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 disclosed but is a common practice and does not add complexity. The PRIIPs KID does not contain any comprehension warnings or complexity flags. The factsheet confirms physical replication and no use of swaps or synthetic structures. Overall, the fund exhibits none of the complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex under MiFID II."
}