{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco BulletShares 2027 USD Corporate Bond UCITS ETF is a physically replicated, investment-grade corporate bond ETF with a fixed maturity date. It uses a sampling approach to track the Bloomberg 2027 Maturity USD Corporate Bond Screened Index, which includes USD-denominated, fixed-rate, taxable debt securities with effective maturities in 2027. The ETF does not use derivatives for leverage or inverse exposure, and its derivative usage is limited to managing risk, reducing costs, or generating additional capital or income, as permitted under UCITS regulations. The ETF's risk profile is rated as level 4, which is within the typical range for bond ETFs. The underlying index and the ETF's holdings are transparent and easily understandable, with no complex structured products or contingent bonds. The ETF's use of derivatives is incidental and does not materially alter its risk profile or make it difficult for retail investors to understand. Therefore, the ETF is classified as non-complex under MiFID II.",
    "confidence": 95
}