{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF aims to track the performance of the ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Net Total Return Index, which includes preferred securities. The currency hedging using FX forwards could add a minor level of complexity, but the ETF is physically replicated. The fact that it is currency hedged means this may cause some complexity for the investor.",
        "classification": "non-complex",
        "supporting_data": "The Invesco Preferred Shares UCITS ETF is a physically replicated ETF. It tracks the ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Net Total Return Index which is a fixed income index which may contain complex assets such as perpetual preferred securities. The share class currency is CHF and uses FX forward transactions for currency hedging, which adds a minor element of complexity. ESMA (MiFID II Supervisory briefing) states that any derivative use can trigger a complexity flag. According to the provided KID data, derivatives are used for currency hedging, likely for efficient portfolio management (EPM), but this does not make the asset complex due to minimal impact on the risk-return profile (Article 25(3) of MiFID II). The index tracks preferred securities. The underlying index consists of preference shares (perpetual preferred securities) stock and senior and subordinated debt issued in $25, $50 or $100 par/liquidation increments which introduces a moderate level of complexity because it involves understanding fixed-income securities. The ETF is in risk category 6, but this reflects market volatility, not structural complexity. The document states, 'To achieve the investment objective the Fund will, as far as possible and practicable, hold all the securities in the Index in their respective weightings.' (MiFID II, Article 25(4))"
    }
}