{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETC",
        "leverage": true,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "complex": true,
        "complex_factors": "The LS Natural Gas ETC tracks Henry Hub Natural Gas Futures contracts, which are derivatives. The product's objective is to reflect changes in the price of Henry Hub Natural Gas and may also invest in third-party Natural Gas ETPs, thus increasing the complexity. Roll costs and futures contracts and the market dynamics can be hard to understand.",
        "classification": "complex",
        "supporting_data": "This ETC's value is directly linked to Henry Hub Natural Gas Futures, making it dependent on derivative instruments. The KID states the ETP invests directly into Reference Assets, which are Henry Hub Natural Gas Futures, and may also invest in third party Natural Gas ETPs. The price changes in the futures contracts in the Reference Assets will not necessarily result in correlated changes in the level of Henry Hub Natural Gas Futures, which may be due to the effect of rolling' the futures contracts, further increasing complexity. The presence of futures contracts, coupled with the potential for tracking error, and lack of capital protection, introduces risks difficult for retail investors to fully understand. The high risk rating (class 6 of 7) in the KID, combined with the 'not simple' and 'difficult to understand' warning, and the emphasis on specialized knowledge required, supports the complex classification."
    }
}