{
    "fund_name": "Invesco Variable Rate Preferred Shares UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Hybrid Securities",
        "Perpetual Bonds",
        "Preferred Securities Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its exposure to hybrid securities, perpetual bonds, and preferred securities, which exhibit characteristics that are not easily understood by retail investors. The underlying assets include securities with deferrable coupons and no maturity dates, introducing complexity in valuation and risk assessment. Additionally, the ETF's focus on variable rate preferred and hybrid securities, which behave like both equities and bonds, adds to the complexity. The risk profile (category 5) and the extensive disclosures regarding the risks associated with these securities further support this classification.",
    "confidence": 85,
    "risk_level": 5,
    "additional_notes": "While the ETF uses physical replication and does not employ leverage or derivatives, the nature of the underlying assetsparticularly the hybrid and perpetual securitiesintroduces significant complexity. These securities can defer payments and may never mature, making their behavior and risks difficult for retail investors to fully comprehend. The PRIIPs KID and factsheet reinforce these risks, confirming the complex nature of the investment."
}