{
    "type": "ETC",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The LS Copper ETC is a physically-backed commodity ETC that tracks copper futures through direct investment in the underlying assets. The KIID and factsheet explicitly state that there are no swaps or OTC derivatives involved, and the replication method is physical. The risk indicator is classified as 5 out of 7, which is medium-high, but this is primarily due to the volatility inherent in commodity markets rather than structural complexity. The product is UCITS-compliant, which generally implies a higher level of investor protection and transparency. The intended investor profile suggests it is suitable for retail investors with some market knowledge, but not exclusively for sophisticated investors. The costs are straightforward, with no performance fees or complex fee structures. The factsheet reinforces that the ETC is physically-backed and does not use swaps or derivatives, further supporting its non-complex classification.",
    "confidence": 90
}