{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco Preferred Shares UCITS ETF is a physically replicated ETF that tracks the ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index. The ETF uses physical replication to hold the underlying securities of the index, which are primarily fixed-rate US dollar-denominated preferred securities. The ETF does not use leverage, inverse strategies, or synthetic replication methods such as swaps or derivatives for investment purposes. The use of foreign exchange (FX) forwards for currency hedging is for risk management and does not introduce complexity beyond efficient portfolio management. The ETF is UCITS compliant, which imposes strict regulatory requirements ensuring transparency and investor protection. The risk profile is clearly disclosed, and the ETF does not exhibit features that would typically classify it as complex under MiFID II, such as capital protection mechanisms, structured products, or significant counterparty risk.",
    "confidence": 95
}