{
    "type": "ETC",
    "ucits": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Commodity-linked structure",
        "Unfunded swap exposure",
        "Counterparty risk",
        "Complex index tracking (CMCI WTI Crude Oil USD 3M TR Index)",
        "Potential for contango/backwardation effects",
        "No capital protection"
    ],
    "classification": "complex",
    "supporting_data": "The product is an open-end tracker certificate linked to the UBS CMCI WTI Crude Oil USD 3M TR Index, using synthetic replication via swaps. Key complexity indicators include: (1) Synthetic replication through derivative instruments (swaps), (2) exposure to commodity futures with potential roll costs and contango/backwardation risks, (3) high counterparty risk from the swap structure, (4) complex underlying index methodology, and (5) risk rating of 6/7 indicating high complexity. The KIID explicitly states 'this product is not simple and may be difficult to understand,' reinforcing its complex classification under MiFID II.",
    "confidence": 95
}