{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco UK Gilts UCITS ETF",
    "investment_objective": "Track total return performance of Bloomberg Sterling Gilt Index less fees, expenses and transaction costs",
    "primary_asset_class": "bond",
    "geographic_focus": "United Kingdom",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco UK Gilts UCITS ETF aims to track the Bloomberg Sterling Gilt Index, which consists of GBP-denominated, fixed-rate, investment grade UK government bonds (gilts). The fund uses a physical replication method with sampling techniques, holding a subset of the index securities based on duration, sector, liquidity, and credit quality. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only limited use of derivatives for risk management purposes, which does not trigger complexity. The fund does not employ leverage, inverse or amplified exposure. The risk indicator is moderate-low (3 out of 7 in PRIIPs KID), consistent with a straightforward bond ETF. The fund is UCITS compliant and invests directly in liquid, transparent securities. Costs are simple with a low ongoing charge (0.06%) and no performance fees. Securities lending is used but is a common practice and does not add complexity under MiFID II. There are no capital protection or structured features. The underlying assets are plain vanilla government bonds, with no contingent convertible bonds or complex structured products. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no significant derivative or swap usage. Overall, the ETF exhibits none of the complexity indicators such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms, leading to a non-complex classification under MiFID II."
}