{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco US Municipal Bond UCITS ETF",
    "investment_objective": "To achieve the total return performance of the ICE BofA US Taxable Municipal Securities Plus Index, less fees, expenses and transaction costs.",
    "primary_asset_class": "bond",
    "geographic_focus": "United States (US dollar denominated taxable municipal debt issued by US states, territories and political subdivisions)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with a sampling approach to track the ICE BofA US Taxable Municipal Securities Plus Index, investing directly in investment grade US municipal bonds. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy. The fund may use derivatives only for risk management purposes, which does not trigger complexity under MiFID II. There is no leverage, inverse or amplified exposure. The risk rating is moderate (4 in KIID, 3 in PRIIPs), consistent with bond market risk but not indicating complexity. The fund is UCITS compliant and invests in liquid, transparent securities with no capital protection or structured features. Costs are straightforward with a single ongoing charge of 0.28% and no performance fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms physical replication, no significant derivative or swap usage (only 0.2% cash/derivatives which is minimal and likely for operational purposes), and no leverage. The underlying assets are plain vanilla municipal bonds with investment grade ratings, no contingent convertible bonds or complex structured products. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance and is suitable for retail investors without requiring specialized knowledge."
}