{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Contingent Convertible Bonds",
        "Currency Hedging",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree AT1 CoCo Bond UCITS ETF is classified as complex due to its exposure to Contingent Convertible Bonds (CoCos), which are inherently complex instruments with features such as principal write-downs, discretionary coupons, and conversion into equity under certain conditions. Additionally, the fund employs currency hedging through forward exchange contracts, introducing counterparty risk and potential tracking error. While the replication method is physical, the underlying assets (CoCos) and the hedging strategy contribute to the complexity. The KIID explicitly states that CoCos are complex and may not be suitable for all investors, further supporting the complex classification.",
    "confidence": 90
}