{
    "fund_name": "Invesco US Municipal Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of a straightforward bond index",
        "No leverage or inverse exposure",
        "No capital protection mechanisms",
        "No complex underlying assets (e.g., CoCos, AT1 bonds, CLOs)",
        "No significant counterparty risk exposure"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the ICE BofA US Taxable Municipal Securities Plus Index, which consists of investment-grade, taxable municipal bonds. There is no mention of synthetic replication, swaps, leverage, or inverse exposure. The fund's risk profile is straightforward, with risks primarily related to credit, interest rates, and market fluctuations. The PRIIPs KID and fact sheet confirm the physical replication method and the absence of derivatives beyond what might be used for efficient portfolio management (e.g., cash collateral for derivatives is minimal at 0.2%). The index itself is a standard bond index with clear eligibility criteria, and the fund's holdings are transparent and liquid. The fund is UCITS-compliant, which typically aligns with non-complex classification under MiFID II.",
    "confidence": 95
}