{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "High Yield Bonds",
        "Contingent Convertible Bonds"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF is classified as non-complex under MiFID II despite using derivatives for efficient portfolio management. The fund primarily invests in EUR-denominated below investment grade corporate debt securities and uses derivatives for hedging purposes (currency hedging) rather than for leverage or complex strategies. The replication method is physical, and the fund does not employ synthetic replication or inverse strategies. The presence of contingent convertible bonds (CoCos) in the portfolio introduces some complexity, but the overall structure remains transparent and suitable for retail investors. The fund is UCITS-compliant, which aligns with non-complex classification. The risk profile is medium (category 4), and the fund does not exhibit features like capital protection or structured returns that would trigger a complex classification.",
    "confidence": 85
}