{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None",
    "classification": "non-complex",
    "supporting_data": "The Invesco BulletShares 2027 USD Corporate Bond UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, investment-grade corporate bond index. It uses derivatives only for efficient portfolio management (EPM) with minimal impact on risk-return, not as a core strategy. There is no significant leverage, no use of swaps or synthetic replication, and no embedded derivatives or complex features. The structure, risks, and payoff are straightforward and easily understood by retail investors with basic knowledge. Securities lending is present but well-managed within UCITS rules and does not dominate the risk profile. The ETF does not invest in complex bonds (e.g., contingent convertibles, asset-backed securities, or structured products) and the underlying index is transparent and well-documented. All these factors support a non-complex classification under MiFID II Article 25(4)(a)(iv) and Article 57 of the Delegated Regulation, as confirmed by industry practice and regulatory guidance[1]."
}