{
    "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 ETF aims to replicate the Bloomberg 2028 Maturity USD Corporate Bond Screened Index using a sampling technique of physical bonds, not synthetic replication. There is no mention of swap agreements, total return swaps, or derivative instruments used for investment exposure; derivatives are only used for risk management, currency hedging (FX forwards), and cost reduction, which does not trigger complexity under MiFID II. The fund is UCITS compliant and uses physical replication of investment grade USD corporate bonds with fixed maturity in 2028. There is no leverage, inverse or amplified exposure. The risk profile is moderate-low (risk category 3-4), consistent with a straightforward bond ETF. The fund holds liquid, transparent corporate bonds, with no contingent convertible bonds, CLOs, or complex structured products. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Costs are simple with a low ongoing charge (0.12%) and no performance fees or swap fees. Securities lending is used but is standard and disclosed. The monthly factsheet confirms physical holdings with no material derivative exposure beyond FX hedging. Overall, the ETF exhibits none of the complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection features. Therefore, it is classified as non-complex under MiFID II."
}