{
    "complex": true,
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Commodity index complexity",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swaps with UBS as counterparty, which introduces counterparty risk. The underlying UBS CMCI Composite Index is a complex commodity index with multiple maturity curves and roll risks. While the fund is UCITS-compliant and has no leverage, the swap-based structure and commodity index complexity make it suitable only for investors who understand these risks. The PRIIPs KID and fact sheet confirm the synthetic replication and swap exposure, which are key complexity indicators under MiFID II.",
    "confidence": 90
}