{
    "complex": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Contingent Convertible Bonds",
        "Complex Indices",
        "Counterparty Risk"
    ],
    "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 conversion or write-down features. The underlying index (iBoxx USD Contingent Convertible Liquid Developed Market AT1) tracks bonds that may convert to equity or suffer principal write-downs under certain conditions, introducing significant counterparty and credit risk. While the ETF uses physical replication, the nature of the underlying assets (perpetual bonds with embedded optionality) and the potential for capital loss make the risk profile difficult for retail investors to fully grasp. The PRIIPs KID includes a 'comprehension warning' from the CNMV in Spain, indicating that the product is not suitable for retail investors, further supporting the complex classification. The ETF's risk category 5 (out of 7) and disclosures about contingent convertible bond risks reinforce this determination.",
    "confidence": 90
}