{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETC",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Tracking a CMCI Composite Index",
            "Use of Derivatives for Hedging Currency Risk (implicitly)",
            "May involve futures or swaps to replicate index performance",
            "Potential for Contango or backwardation effects of the underlying commodity index"
        ],
        "classification": "complex",
        "supporting_data": "The product is an ETC linked to the UBS CMCI Composite GBP Monthly Hedged Total Return. The KID states 'You are about to purchase a product that is not simple and may be difficult to understand.' This document describes a financial product with synthetic replication using an index that may involve swaps, and derivatives to achieve its investment objective by tracking the CMCI Composite GBP Monthly Hedged Total Return index. The ETF uses futures and swaps, these elements introduce counterparty risk and collateral risk. The underlying index itself, is complex and the structure uses derivatives, specifically referencing currency hedging, which is also a derivative. Because the index and replication method and the derivative usage, the ETF cannot be classified as a simple instrument. The KID includes a comprehension alert indicating the product's complexity.  The ESMA guidelines, specifically note the use of Derivatives creates complexity."
    }
}