{
    "type": "ETC",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication",
        "Swap exposure",
        "Counterparty risk",
        "Complex index tracking"
    ],
    "classification": "complex",
    "supporting_data": "The product is an open-end tracker certificate linked to the UBS CMCI Corn USD TR Index, which uses synthetic replication via swaps. Key indicators of complexity include: (1) Synthetic replication with swap exposure (unfunded swaps likely), (2) Counterparty risk from the issuer (UBS AG), (3) No direct ownership of underlying assets, (4) Risk of total capital loss, (5) Medium-high risk rating (5/7), (6) No early redemption option, (7) Complex exercise and redemption mechanics. The PRIIPs KID and factsheet would likely confirm swap usage and derivative exposure, reinforcing the classification as complex under MiFID II.",
    "confidence": 90
}