{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco GBP Corporate Bond UCITS ETF is a physically replicated, non-leveraged ETF tracking the Bloomberg Sterling Liquid Corporate Bond Index. It uses sampling techniques but holds direct securities rather than derivatives. The KIID and factsheet confirm no use of swaps, leverage, or complex instruments. The risk profile (category 4) is typical for bond ETFs and does not indicate complexity. The fund's straightforward investment grade corporate bond exposure, clear replication method, and lack of sophisticated strategies support its non-complex classification under MiFID II.",
    "confidence": 95,
    "risk_level": 4,
    "counter_argument": "While the ETF uses sampling rather than full replication, this is a common practice in bond ETFs and does not introduce complexity under MiFID II rules. The absence of derivatives, leverage, or complex underlying assets confirms the non-complex classification."
}