{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Contingent Convertible Bonds (CoCos)",
        "Complex Indices (Bloomberg Global Aggregate Corporate Index)",
        "Currency Hedging",
        "Active Management with ESG Integration"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its exposure to Contingent Convertible Bonds (CoCos), which are inherently complex instruments with conversion triggers and credit risk. The Bloomberg Global Aggregate Corporate Index, while not inherently complex, includes a broad range of corporate bonds that may introduce additional complexity. The active management strategy with ESG integration and currency hedging adds layers of complexity. While the ETF uses physical replication, the presence of CoCos and the active management approach makes it unsuitable for retail investors without specialist knowledge. The risk profile, including credit risk, liquidity risk, and sustainability risk, further supports the complex classification.",
    "confidence": 85
}