{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco US High Yield Fallen Angels UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Invesco US High Yield Fallen Angels UCITS ETF aims to track the FTSE Time-Weighted US Fallen Angel Bond Select Index by investing in a representative sample of the underlying bonds. The replication method is physical, as confirmed by the factsheet stating 'Replication method: Physical' and the fund invests directly in USD-denominated corporate bonds that were downgraded from investment grade to high yield. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the investment strategy. The PRIIPs KID confirms that derivatives may be used only for risk management or cost reduction purposes, not as an inherent part of the strategy, so derivatives exposure is minimal and not complexity-driving. There is no leverage, inverse or amplified exposure language in any document. The fund holds high yield bonds, which are inherently higher risk but not complex structured products like contingent convertible bonds or CLOs. The risk rating is moderate (5 in KIID, 3 in PRIIPs KID), reflecting credit risk and market risk but not complexity from structure or leverage. The fund engages in securities lending, but this is common and disclosed with no complex fee structures beyond a standard ongoing charge of 0.50%. No capital protection or structured features are present. The index tracked is a bond index of fallen angels, which is straightforward and does not involve complex derivatives or contingent features. The factsheet confirms no use of swaps or synthetic replication. Overall, the fund is a physical, passively managed UCITS ETF investing in liquid, transparent high yield bonds without leverage or synthetic structures, leading to a non-complex classification under MiFID II."
}