{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Use of Derivatives for replication, not just portfolio management.",
            "Complexity of the Index: The index is designed to offer exposure to the difference in performance of two commodity indices. This suggests a complex underlying benchmark. Therefore, a client will not easily understand the index and the corresponding risks. ",
            "Counterparty Risk: Investment in financial derivative instruments with UBS AG as counterparty.",
            "High Volatility: Rated category 6, indicating high volatility and potential for loss."
        ],
        "classification": "complex",
        "supporting_data": "The ETF tracks the UBS CM-BCOM Outperformance Strategy Ex-Precious Metals, Agriculture, Livestock 2.5x Leveraged Net of Cost Total Return index. This index uses leverage, meaning the fund's value could rise or fall more than the difference in performance of the two commodity indices to which it has exposure. The ETF's objective is not to directly track movements in commodity markets but instead to reflect the index's performance. The Fund invests in financial derivative instruments ('FDIs') with UBS AG, London Branch ('UBS') as counterparty. The Fund may also invest in securities. The performance of the Index is swapped from UBS to the Fund, and in return the performance of the securities is swapped from the Fund to UBS, meaning that the Fund's performance reflects the performance of the Index. Consequently, the ETF is not physically replicating the index, but is employing synthetic replication using swaps with UBS. The use of swaps is an integral part of the ETF's investment strategy rather than for efficient portfolio management. This use of derivatives, together with the complexities and opaque nature of the index strategy, increases the risk profile and makes the product opaque to retail investors, meaning the ETF is classified as complex."
    }
}