{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETC",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "The ETC replicates the Bloomberg Commodity Gold Subindex 4W Total Return Index (BCOMGC 4T) by tracking the Bloomberg Gold Sub Excess Return Index and providing the interest revenue adjusted to reflect fees and costs associated with the product. Rolling of futures contracts is mentioned in the KID, as well as the factors such as contango or backwardation that affect the index performance.",
        "classification": "complex",
        "supporting_data": "This ETC is an Exchange Traded Commodity designed to provide investors with a total return exposure to Gold futures contracts.  The use of a Subindex and tracking the Bloomberg Gold Sub Excess Return Index and the potential rolling of futures contracts, which can introduce contango or backwardation effects, implies a complex structure. The KID states 'Price changes in the futures contracts referenced in the Benchmark will not necessarily result in correlated changes in the level of the Benchmark or of the Product'. The product is not simple and may be difficult to understand, as stated in the KID's comprehension alert. The replication method likely relies on derivatives to achieve this objective, making it complex. The intended retail investor is meant to have specific knowledge or experience of investing in similar products. Any derivative use, and especially the use of swaps, as well as the reference to futures contracts makes the instrument complex under MiFID II."
    }
}