{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Contingent Convertible Bonds"
        ],
        "classification": "complex",
        "supporting_data": "Although the fund is a UCITS ETF, which creates a presumption of non-complexity, this presumption is overturned by its investment policy. The KIID clearly states: 'The Fund may also invest in contingent convertible instruments (CoCo Bonds)'. According to the provided rules and ESMA guidance (CESR/09-295, paragraph 57), instruments that embed a derivative, such as convertible bonds, are considered complex. CoCo bonds are a form of hybrid debt security that can convert to equity or be written down upon specific trigger events, which represents a complex feature not easily understood by the average retail investor. The KIID details the 'CoCo Bond risk', including 'coupon cancellation risk' and the risk of principal write-down, which are concepts requiring advanced financial knowledge. The user's instructions explicitly state that 'If any element of Contingent Bonds... is identified then the 'classification' must be 'complex''. The fund's ability to invest up to 10% of its assets in CoCos is a decisive factor that mandates a 'complex' classification."
    }
}