{
    "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 uses physical replication to track the ICE BofA Diversified Core Plus Fixed Rate Preferred Securities Index. The fund does not employ leverage, inverse strategies, or synthetic replication methods. While it does use FX forwards for currency hedging, this is a standard practice for currency-hedged ETFs and does not introduce complexity. The underlying index consists of preferred securities with minimum credit ratings, and the fund's risk profile (risk category 6) is clearly disclosed. The fund is UCITS-compliant, which typically indicates a higher standard of transparency and investor protection. There are no indications of complex structured products, contingent convertible bonds, or other complex instruments in the holdings. The use of derivatives is limited to FX hedging, which is a common and straightforward practice in ETFs.",
    "confidence": 95
}