{
    "name": "UBS (Irl) Fund Solutions plc - Bloomberg Commodity CMCI SF UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Commodity Futures Rolling",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via financial derivative instruments (FDIs) with UBS as the counterparty, which introduces counterparty risk. The fund's performance is directly tied to the performance of the UBS BCOM Constant Maturity Commodity Index (Total Return) through these swaps, rather than holding physical commodities. The KIID explicitly mentions counterparty risk as a significant factor, stating that the failure of UBS to perform under the FDIs could significantly affect the fund. Additionally, the fund's exposure to commodity futures rolling and the complexity of the underlying index (which involves constant maturity and tenor diversification) contribute to its classification as complex. The PRIIPs KID and factsheet confirm the synthetic replication and the use of swaps, reinforcing the complexity assessment.",
    "confidence": 90,
    "risk_level": 5,
    "counterparty_risk": true,
    "liquidity_risk": true,
    "capital_protection": false,
    "structured_features": false,
    "underlying_asset_complexity": true,
    "cost_structure": "simple",
    "volatility": "high",
    "sustainability_risks": "not integrated",
    "holding_period": "5 years recommended",
    "benchmark_complexity": "high (constant maturity commodity index with rolling futures)"
}