{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a physically replicated, actively managed fund investing primarily in global investment-grade corporate debt securities. It does not use synthetic replication, leverage, or inverse strategies. While derivatives may be used for efficient portfolio management (EPM), this is a standard practice and does not introduce complexity. The fund's risk profile (category 4) is moderate, and it follows a straightforward investment strategy with clear objectives. The presence of contingent convertible bonds (CoCos) and other complex debt instruments in the portfolio does not inherently make the ETF complex under MiFID II, as these are part of the underlying asset class and not the fund's structure. The fund is UCITS-compliant, which further supports its non-complex classification.",
    "confidence": 90
}