{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Synthetic replication via total return swaps, and the use of commodity futures contracts introduces complexity. The underlying index's methodology and weighting scheme also contribute to complexity. Further complexity may be associated with Roll costs.",
        "classification": "complex",
        "supporting_data": "The L&G Multi-Strategy Enhanced Commodities UCITS ETF uses total return swaps to replicate the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. The fund invests in a diversified portfolio of commodity futures contracts across various sectors. The fund aims to provide exposure to commodity futures using total return swaps, this introduces counterparty risk and makes the structure complex. Given the fund's use of swaps and exposure to commodity futures contracts, and the potential for contango effects, and the complexity of commodity futures contracts, and the use of swaps the fund is considered complex under MiFID II. The fund is subject to market volatility which adds a further layer of complexity"
    }
}