{
    "complex": true,
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "derivatives": true,
    "swaps": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Contingent Convertible Bonds",
        "Complex Indices",
        "Derivative Usage for Exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its exposure to Contingent Convertible Bonds (CoCos) and the use of financial derivative instruments to gain exposure to underlying assets. While the replication method appears to be physical, the presence of CoCos introduces significant complexity due to their contingent nature and potential for conversion to equity under certain conditions. The Bloomberg Global Aggregate Index, while broad, includes complex securities like CoCos and emerging market debt, which may not be easily understood by retail investors. The ETF's active management strategy and the use of derivatives for exposure management further contribute to its complexity. The risk profile, rated at level 4, aligns with this assessment, indicating a medium risk that may not be straightforward for retail investors to comprehend fully.",
    "confidence": 85
}