{
    "ucits": true,
    "type": "ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "None",
    "supporting_data": "The Invesco US High Yield Fallen Angels UCITS ETF is a UCITS-compliant, physically replicated ETF that tracks a transparent, rules-based index of US high-yield corporate bonds. It uses sampling techniques to replicate the index but does not employ synthetic replication, swaps, or derivatives as a core part of its strategy. The ETF may engage in securities lending and currency hedging, but these are ancillary activities within UCITS limits and do not introduce significant counterparty or structural complexity. The risks disclosed (credit risk, interest rate risk, concentration risk) are typical of high-yield bond ETFs and do not involve complex payoffs, embedded derivatives, or leverage beyond UCITS limits. The structure, risks, and investment objective are straightforward and can be understood by retail investors with basic knowledge. There is no evidence of contingent convertible bonds, complex indices, or other features that would make the ETF complex under MiFID II.",
    "classification": "non-complex"
}