{
    "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 2026 USD Corporate Bond UCITS ETF aims to replicate the Bloomberg 2026 Maturity USD Corporate Bond Screened Index using a sampling technique, which is a form of physical replication rather than synthetic replication. There is no mention of swap agreements, total return swaps, or derivative instruments used to achieve the investment objective. Derivatives are only used for risk management, cost reduction, or generating additional capital or income, which does not trigger complexity under MiFID II. The fund does not employ leverage, inverse exposure, or amplified returns. The underlying assets are investment grade USD-denominated corporate bonds with fixed maturity in 2026, which are liquid and transparent securities. The risk profile is moderate (risk category 3), indicating a relatively low risk level consistent with bond investments. There are no capital protection features, structured products, or contingent bonds involved. Counterparty risk is limited to securities lending and FX hedging, both disclosed but not significant enough to classify the fund as complex. Costs are straightforward with a low ongoing charge and no performance fees or swap fees. No PRIIPs KID or factsheet information suggests additional complexity. Overall, the fund exhibits a clear, linear relationship to the underlying index performance and uses physical replication with minimal derivative use for hedging only, supporting a non-complex classification."
}