{
    "type": "ETP",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via collateralised debt security",
        "Use of futures contracts with rolling (roll costs, contango effects)",
        "Counterparty exposure inherent in swap-based structure",
        "High risk rating (6/7)",
        "Complex underlying index (FTSE MIB Banks 15% Capped Net Tax Index)",
        "No capital protection",
        "Issuer credit risk and collateralisation"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree FTSE MIB Banks product is a UCITS eligible Exchange Traded Product (ETP) structured as a fully collateralised, English law governed, certificated, registered, collateralised debt security. It provides total return exposure to the FTSE MIB Banks 15% Capped Net Tax Index via synthetic replication, as evidenced by references to collateralisation and the product being a debt security rather than a physical ETF. The product's performance depends on futures contracts referenced in the benchmark, with explicit mention of roll costs and contango effects, indicating complexity in tracking the index. The KIID states the product is 'not simple and may be difficult to understand' and is intended for investors with specific knowledge or experience, further supporting complexity. The risk indicator is 6 out of 7, indicating a high risk level, consistent with complex instruments. There is counterparty risk inherent in the swap-based structure, and the issuer is a special purpose vehicle with credit risk. No leverage or inverse exposure is present, but the synthetic replication and derivative usage for achieving the investment objective classify this product as complex under MiFID II. The product does not have capital protection or structured features like barrier options. Costs are straightforward with no performance fees, but the presence of derivative costs and collateral management risks are implied. Overall, the synthetic replication via swaps, counterparty risk, complex underlying index with futures rolling, and high risk profile drive the classification as complex."
}