{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco UK Gilts UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Invesco UK Gilts UCITS ETF aims to track the Bloomberg Sterling Gilt Index using a physical replication method with sampling techniques. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. The fund invests directly in GBP-denominated, fixed-rate, investment grade UK government bonds (gilts), which are liquid and transparent securities. The PRIIPs KID confirms that derivatives may only be used for risk management or cost reduction purposes, not as an inherent part of the investment strategy, so derivatives exposure is minimal and not complexity-driving. There is no leverage, inverse or amplified exposure. The risk indicator is moderate-low (3 out of 7), consistent with a straightforward bond ETF. The ongoing charges are low (0.06%) with no performance fees or complex fee structures. The monthly factsheet confirms physical replication, no synthetic or swap usage, and holdings are almost entirely investment grade UK government bonds. No capital protection or structured features are present. The fund is UCITS compliant and does not carry complexity flags such as contingent bonds, leverage, or significant counterparty risk. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}