{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Contingent Convertible Bonds",
        "Currency Hedging with Forward Contracts",
        "Complex Index Composition"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its investment in Contingent Convertible Bonds (CoCos), which are inherently complex instruments with discretionary coupon payments, potential principal write-downs, and conversion mechanisms tied to regulatory capital ratios. The use of forward exchange contracts for currency hedging adds another layer of complexity, as these instruments introduce counterparty risk and potential tracking error. While the ETF employs physical replication, the underlying assets (CoCos) and the hedging strategy make the overall structure more complex than typical bond ETFs. The PRIIPs KID and fact sheet confirm the complexity of CoCos and the hedging strategy, reinforcing the classification.",
    "confidence": 90
}