{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Contingent Convertible Bonds",
        "Complex Indices"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex primarily due to its investment in contingent convertible bonds (CoCos), which are inherently complex financial instruments. These bonds can convert into equity or suffer principal write-downs under certain conditions, making them difficult for retail investors to fully understand. Additionally, the underlying index (iBoxx USD Contingent Convertible Liquid Developed Market AT1) tracks a niche segment of the bond market with specific criteria, including issuer caps and minimum outstanding amounts, which adds to the complexity. While the ETF uses physical replication and does not employ leverage or inverse strategies, the nature of the underlying assets (CoCos) and the specialized index make this a complex product under MiFID II. The PRIIPs KID and factsheet confirm the focus on AT1 bonds, which are designed to absorb losses in financial institutions and are subject to unique risks, further supporting the complex classification.",
    "confidence": 90
}