{
    "type": "ETC",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Synthetic replication via funded swaps",
        "Counterparty risk",
        "Daily reset and compounding effects",
        "Commodity futures roll costs and contango effects"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree Agriculture 2x Daily Leveraged product is an Exchange Traded Commodity (ETC) that provides 2x leveraged exposure to the Bloomberg Agriculture Sub Excess Return Index. It uses a fully collateralised, funded swap structure to synthetically replicate the index performance, as confirmed by the factsheet stating 'Structure: Synthetic - fully funded' and 'Replication Method: collateralised swap'. The product explicitly uses derivatives (swaps) as an inherent part of its strategy, not merely for risk management. The leverage factor is 2x with daily reset, which introduces compounding effects and deviation from the underlying index over periods longer than one day. The KIID and PRIIPs KID both highlight the highest risk rating (7/7), the presence of counterparty risk, and the need for investors to have specific knowledge and experience. The product is not UCITS compliant. The product is a debt security, not an equity fund, and exposes investors to counterparty and credit risk related to the swap counterparties. The product also involves complexities related to commodity futures markets such as roll costs, contango, and backwardation, which affect performance and add to the difficulty of understanding the product. The recommended holding period is only one day, emphasizing the complexity and risk of holding longer. These factors combined meet MiFID II criteria for a complex financial instrument."
}