{
    "complex": true,
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "derivatives": true,
    "swaps": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Commodity index complexity"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swaps with UBS as counterparty, which introduces counterparty risk. The underlying index (UBS CMCI Composite) is a complex commodity index with multiple maturities and sectors, requiring specialized knowledge to understand. While the ETF itself is not leveraged or inverse, the swap-based structure and commodity index complexity make it a complex product under MiFID II. The PRIIPs KID and fact sheet confirm the synthetic replication and swap usage, reinforcing the complexity assessment.",
    "confidence": 90
}