{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": [
            "Tracks an index of AT1 CoCo Bonds",
            "Index includes complex financial instruments CoCo Bonds",
            "CoCo Bonds can convert to equity or write-off principal",
            "Potential cancellation of coupons by the banking institutionu2019s discretion"
        ],
        "classification": "complex",
        "supporting_data": "The WisdomTree AT1 CoCo Bond UCITS ETF (IE00BZ0XVF52) is classified as complex because it invests in Contingent Convertible Bonds (CoCos). As defined in the KIIID, CoCos are hybrid debt securities designed to convert to equity or experience partial or complete principal write-offs under specific circumstances. The index the fund tracks, the iBoxx Contingent Convertible Liquid Developed Europe AT1 Index, includes AT1 CoCo bonds, which themselves are inherently complex due to their structure and the triggers that can affect their value. These bonds are issued by financial institutions and the potential for principal write-down or coupon cancellation introduces significant complexity, as is the lack of a defined maturity date. The assessment of the Fund as complex aligns with MiFID II's focus on investor understanding. ESMA's supervisory briefing on appropriateness and execution-only highlights that the nature of the investment product's complexity determines the application of the appropriateness test and the required comprehension alert in the KID. This fund needs a comprehension alert according to the ESMA guidelines."
    }
}