{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Invesco Variable Rate Preferred Shares UCITS ETF aims to track the ICE Diversified Variable Rate Preferred & Hybrid Securities Index by physically holding the underlying securities as far as practicable, indicating physical replication. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only a note that derivatives may be used for risk management purposes, which does not trigger complexity under MiFID II. The fund does not employ leverage or inverse strategies. The underlying assets are preferred and hybrid securities, which are hybrid equity/debt instruments but are directly held and liquid, without complex structured products or contingent convertible bonds. The risk profile is moderate (risk category 5 in KIID, 3/7 in PRIIPs), reflecting the nature of preferred and hybrid securities but not indicating complexity due to derivatives or leverage. 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 a comprehension warning. The monthly factsheet confirms physical replication, no leverage, and no synthetic structures. Securities lending is used but is a common practice and does not add complexity. Overall, the ETF exhibits a straightforward, physical index-tracking strategy with direct investment in liquid securities, no leverage, no synthetic replication, and no complex derivative usage, leading to a non-complex classification under MiFID II."
}