{
    "success": true,
    "data": {
        "leverage": true,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Contingent Convertible Bonds",
            "Derivatives used for investment purposes (leading to leverage)",
            "Counterparty Risk"
        ],
        "classification": "complex",
        "supporting_data": "The Fund is a UCITS ETF, which is generally presumed non-complex. It uses an 'optimisation' technique which is a form of physical replication. However, the Key Investor Information Document explicitly lists 'CoCo Bond Risk' (Contingent convertible securities) as a material risk. CoCo bonds are debt instruments with embedded features that make their structure and payoff complex, akin to instruments embedding derivatives, and their performance can be difficult for retail investors to understand. The MiFID II rules provided explicitly state that if 'any element of Contingent Bonds or any Swap usage is identified then the classification must be complex'. Additionally, the Fund may invest in Shariah-compliant derivatives for 'investment purposes' (not just efficient portfolio management) and mentions 'Investment Leverage Risk' stating that leverage occurs 'when the economic exposure is greater than the amount invested, such as when derivatives are used'. This indicates derivatives are used for more than just efficient portfolio management and can introduce leverage, a complex feature. Counterparty risk is also listed as a material risk, which is a common complexity associated with derivative use. The combination of these factors, especially the presence of Contingent Convertible Bonds and the use of derivatives for investment purposes leading to leverage, overrides the initial UCITS presumption of non-complexity."
    }
}