{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "Tracks a preferred stock index. Securities lending introduces counterparty risk.",
        "classification": "non-complex",
        "supporting_data": "The Invesco Preferred Shares UCITS ETF aims to replicate the ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Net Total Return Index. The ETF primarily holds securities within the index, indicating physical replication which is generally non-complex. The KID document notes risks such as securities lending which generates some counterparty risk. The ETF's structure seems designed for ease of investor understanding. The index tracks preferred securities. While preferred securities can have features that add complexity, this ETF does not appear to employ complex strategies such as the use of derivatives for replication. The risk profile (risk category 6/7) does not automatically create complexity, nor does the securities lending if well managed. The fund appears to be non-complex based on the framework provided and the information in the KID. Securities lending is mentioned as a component of the fund's operation. While it introduces counterparty risk, the KID notes that the revenue generated is 90% to the fund and 10% to the securities lending agent. This supports the classification of non-complex as per MiFID II."
    }
}