{
    "success": true,
    "data": {
        "complex": true,
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Contingent Convertible Bonds",
            "Complex Underlying Index"
        ],
        "classification": "complex",
        "supporting_data": "The Invesco AT1 Capital Bond UCITS ETF tracks the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index.  This index is composed of contingent convertible bonds, a complex type of corporate debt security.  The index itself has criteria for inclusion and exclusion, and revenue thresholds.  The fund's objective is passive replication, aiming to hold all securities in the index.  While the fund may use derivative instruments for managing risk, reducing costs, or generating additional capital/income, it's not central to its strategy.  The fund *may* use derivatives on an index that may not meet ESG criteria, but this is not a dominant feature or central to its strategy. The reliance on a complex, non-transparent underlying index (contingent convertible bonds with issuer weight caps, rebalancing, and specific inclusion/exclusion criteria), alongside the inherent risk of these specific securities (credit risk, contingent conversion to equity, write-down potential), outweighs the presumption of non-complexity associated with UCITS ETFs.  Even though the fund explicitly aims for passive management and physical replication, the complexity inherent in the underlying index and the nature of the instruments it holds classifies the fund as complex."
    }
}