{
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "active",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "CLO Debt Securities",
        "Complex Indices",
        "Illiquid Assets"
    ],
    "classification": "complex",
    "supporting_data": "The ETF invests primarily in AAA-rated tranches of Euro-denominated floating rate debt securities issued by collateralised loan obligations (CLOs). CLOs are complex structured products that involve multiple tranches with different risk/return profiles. The fund's exposure to CLOs, which are securitised by a pool of assets including senior secured leveraged loans and bonds, introduces significant complexity. Additionally, the fund's investment in CLOs, which are subject to credit risk, interest rate risk, and liquidity risk, further complicates the risk profile. The fund's active management strategy and the lack of a benchmark also contribute to its complexity. The PRIIPs KID document highlights that the fund is intended for professional investors only, which is a strong indicator of complexity under MiFID II. The fund's investment in CLOs, which are complex structured products, and the lack of a benchmark make it difficult for retail investors to understand the risks involved. The fund's active management strategy and the lack of a benchmark also contribute to its complexity. The PRIIPs KID document highlights that the fund is intended for professional investors only, which is a strong indicator of complexity under MiFID II.",
    "confidence": 90
}