{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [
            "Contingent Convertible Bonds",
            "ESG Analysis"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is UCITS compliant and aims to track the Bloomberg US Corporate Bond Index. It uses physical replication and may use derivatives for efficient portfolio management, suggesting it would be a non-complex ETF. However, the fund may invest up to 5% in contingent convertible bonds which are considered complex. The inclusion of ESG analysis, while not inherently complex, introduces another layer of assessment that may not be easily understood by all retail investors.",
        "complex": true,
        "explanation": "Although the ETF is UCITS compliant and uses physical replication, the potential investment in contingent convertible bonds classifies the ETF as complex due to the embedded risks associated with those instruments."
    }
}