{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Contingent Convertible Bonds",
        "Swap Usage",
        "Complex Index Tracking",
        "Optimisation Technique"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its use of derivatives (including swaps) for synthetic replication, exposure to Contingent Convertible Bonds (CoCos), and the optimisation technique employed for tracking the Bloomberg Global Aggregate Corporate Bond Index. While the fund does not use leverage or inverse strategies, the presence of CoCos (which are untested, volatile, and can be highly complex) and the synthetic replication method (which involves counterparty risk) are significant complexity factors. The fund's risk profile is rated 4/7, indicating medium risk, but the underlying complexity of the instruments and strategies used justifies the 'complex' classification under MiFID II. The PRIIPs KID and monthly factsheet confirm the use of derivatives for efficient portfolio management, but the inclusion of CoCos and the synthetic replication method are key drivers of complexity.",
    "confidence": 85
}