{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Contingent Convertible Bonds",
        "Complex Index Tracking",
        "Active Management with Derivatives"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its investment in contingent convertible bonds (CoCos), which are complex financial instruments that convert to equity under certain conditions. While the ETF uses physical replication for most of its holdings, the inclusion of CoCos introduces significant complexity. Additionally, the active management strategy, which involves overweighting and underweighting securities based on fundamental analysis, adds another layer of complexity. The fact that the ETF is UCITS-compliant does not negate its complex nature, as UCITS funds can still hold complex instruments like CoCos. The risk profile, rated as category 4, also supports the complex classification. The ETF does not use leverage or inverse strategies, but the combination of CoCos and active management makes it unsuitable for retail investors without specialized knowledge.",
    "confidence": 90
}