{
    "fund_name": "Invesco AT1 Capital Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Contingent Convertible Bonds",
        "Complex Indices"
    ],
    "classification": "complex",
    "supporting_data": "The ETF invests in contingent convertible bonds (CoCos), which are complex financial instruments that can convert into equity or suffer principal write-downs under certain conditions. The underlying index tracks AT1 bonds from developed markets, which are inherently complex due to their contingent features. While the ETF uses physical replication, the nature of the underlying assets (CoCos) and the index's focus on these complex instruments make the ETF complex under MiFID II. The PRIIPs KID also includes a 'comprehension warning' indicating the product is not suitable for retail investors, further supporting the complex classification.",
    "confidence": 90
}