{
    "fund_name": "WisdomTree AT1 CoCo Bond UCITS ETF - EUR Hedged",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Contingent Convertible Bonds",
        "Complex Indices",
        "Currency Hedging"
    ],
    "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 features. The underlying index (iBoxx Contingent Convertible Liquid Developed Europe AT1 Index) tracks CoCos, which are structured products with unique risk profiles. While the ETF uses physical replication, the complexity arises from the nature of the underlying assets rather than the replication method. The ETF also employs currency hedging via forward exchange contracts, which introduces additional complexity. The KIID and PRIIPs documents highlight the risks associated with CoCos, including potential capital loss and discretionary coupon cancellations, which are not easily understood by retail investors. The ETF's risk profile (SRRI 4) and the extensive risk disclosures further support the classification as complex.",
    "confidence": 90
}