{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Preferred Securities with hybrid bond-equity features",
    "classification": "non-complex",
    "supporting_data": "The Invesco Preferred Shares UCITS ETF aims to track the ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index by physical replication, holding as far as practicable all securities in the index in their respective weightings. There is no mention of synthetic replication, swap agreements, or derivative instruments used for investment purposes, only a note that derivatives may be used for risk management, which does not trigger complexity under MiFID II. The fund is UCITS compliant and uses physical replication. There is no leverage or inverse exposure. The underlying assets are preferred securities, which are hybrid instruments with some complexity but are directly held and liquid. The risk rating is 4 (medium), which is moderate and does not indicate high complexity. Costs are straightforward with a single ongoing charge of 0.50%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Although preferred securities have hybrid characteristics, the fund\u2019s structure and replication method are straightforward, and the fund does not use leverage or synthetic derivatives. Therefore, under MiFID II, this ETF is classified as non-complex."
}