{
    "success": true,
    "data": {
        "ucits": false,
        "type": "ETC",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": [
            "Underlying Index based on WTI Crude Oil",
            "Monthly Hedged",
            "Total Return Index",
            "Hedging involves Derivatives",
            "The document states 'You are about to purchase a product that is not simple and may be difficult to understand.'"
        ],
        "classification": "complex",
        "supporting_data": "The product is an ETC, not a UCITS. The document explicitly states that the product is 'not simple and may be difficult to understand,' which is a key indicator of complexity. The investment objective is to track the UBS CMCI Components WTI Crude Oil GBP Monthly Hedged Total Return Index. The use of an index that includes oil, which is a commodity, and incorporates monthly hedging implies the use of derivatives. The 'Monthly Hedged' feature strongly suggests the use of swaps or futures contracts to manage currency risk and is therefore derivative use for achieving the investment objective making the product complex. The Key Information Document states that you make a loss if the Redemption Amount is below the purchase price of the product, this implies inherent complex hedging strategies designed to minimise the investors exposure to contango effects of the Underlying's Total Return Index. ESMA Guidelines on complex debt instruments and structured deposits dated 4 February 2016 is also relevant indicating the asset is complex."
    }
}