{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": [
            "Swaps",
            "Commodity Index",
            "Financial Derivative Instruments (FDIs)",
            "Counterparty Risk"
        ],
        "classification": "complex",
        "supporting_data": "This UCITS ETF uses financial derivative instruments (FDIs) with UBS AG as a counterparty, utilizing swaps to track the performance of the UBS CMCI Ex-Agriculture Ex-Livestock Capped Index Total Return. It is synthetically replicated which increases the products complexity and the potential for counterparty risk, due to the reliance on UBS to deliver the index performance. The fund invests in securities (e.g. company shares and bonds issued by companies and governments) which adds a layer of understanding required by the investor. While the ETF is UCITS compliant it tracks commodity markets introducing roll costs such as Contango which increases the products complexity for retail clients. Risk is rated as 6/7 on the KID. While the underlying Index contains components in the energy and metals sectors, and excludes components from the agriculture and livestock sectors, this does not simplify the determination of complexity. The synthetic replication introduces counterparty and collateral risk and these risks are difficult for retail clients to understand."
    }
}