{
    "type": "ETC",
    "ucits": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Commodity Futures Exposure",
        "Complex Index Tracking",
        "Counterparty Risk",
        "Lack of Capital Protection"
    ],
    "classification": "complex",
    "supporting_data": "The product is an open-end tracker certificate linked to the UBS CMCI Components Natural Gas GBP Monthly Hedged Total Return Index, which is a complex commodity index involving futures contracts. The use of swaps and derivatives for tracking the index, along with the absence of capital protection and high counterparty risk, makes this a complex instrument. The risk indicator is 6 out of 7, indicating high risk. The product is not UCITS-compliant, and the KIID explicitly states that it is not simple and may be difficult to understand, which is a strong indicator of complexity under MiFID II. The presence of roll costs, contango, and backwardation effects in commodity futures further adds to the complexity.",
    "confidence": 95
}