{
    "fund_name": "Invesco UK Gilts UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the Bloomberg Sterling Gilt Index, which consists of GBP-denominated, fixed-rate, investment-grade UK government bonds. The KIID and PRIIPs documents confirm no use of swaps, derivatives, or leverage. The replication method is explicitly stated as 'physical' in the fact sheet. The underlying index and holdings are straightforward government bonds with no complex features. The risk profile (category 5) is clearly disclosed, and the fund is UCITS-compliant, indicating regulatory alignment with retail investor suitability. No counterparty risk or structured products are mentioned. The only minor complexity is securities lending (standard for ETFs), but this does not trigger MiFID II complexity. The fund's transparency, liquidity, and lack of derivative exposure support a non-complex classification.",
    "confidence": 95
}