{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Contingent Convertible Bonds (CoCos)",
        "Derivative usage for efficient portfolio management",
        "Counterparty risk from derivatives"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its exposure to Contingent Convertible Bonds (CoCos), which introduce significant complexity due to their trigger events and potential for conversion into equity. While the ETF uses derivatives for efficient portfolio management (0.7% of assets), the presence of CoCos and the associated counterparty risks from derivative usage are key factors. The ETF does not use leverage, swaps, or inverse strategies, and its replication method is physical. However, the complexity of CoCos and the derivative-related risks make this ETF complex under MiFID II.",
    "confidence": 85
}