{
    "type": "ETC",
    "ucits": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Contingent Convertible Bonds",
        "Swaps",
        "Complex Indices",
        "Counterparty Risk",
        "Termination Risk"
    ],
    "classification": "complex",
    "supporting_data": "The product is an open-end tracker certificate linked to the UBS CMCI Ex-Agriculture Ex-Livestock Capped GBP Monthly Hedged Total Return Index, which is a complex commodity index. The use of swaps and synthetic replication introduces counterparty risk and derivative exposure. The product also includes a management fee and potential termination risks, which add layers of complexity. The risk indicator is 4 out of 7, indicating medium risk, but the presence of derivative instruments and the structured nature of the product make it complex under MiFID II rules. The product is not UCITS compliant, further supporting its classification as complex.",
    "confidence": 90
}