{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "High Yield Bonds",
        "Contingent Convertible Bonds",
        "Complex Indices"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its investment in high-yield bonds, which are inherently riskier and less liquid than investment-grade bonds. The presence of contingent convertible bonds (CoCos) adds further complexity, as these instruments have embedded derivatives and are subject to trigger events that can convert them into equity. The benchmark (ICE BofA US High Yield Constrained Index) may also include complex securities. While the ETF uses physical replication and is UCITS-compliant, the underlying assets and their associated risks make the fund complex under MiFID II. The fact sheet and KIID confirm the absence of leverage or inverse strategies, but the high-yield and CoCo exposure are sufficient to warrant a complex classification.",
    "confidence": 85
}