{
    "type": "ETC",
    "ucits": false,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via fully funded collateralised swap",
        "Exposure to commodity futures with roll costs and contango effects",
        "Counterparty risk from swap agreements",
        "Debt security structure (ETC) rather than equity",
        "Currency hedging complexity"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree WTI Crude Oil - EUR Daily Hedged product is an Exchange Traded Commodity (ETC) structured as a fully collateralised, UCITS eligible debt security that synthetically replicates the Bloomberg WTI Crude Oil Sub Euro Hedged Daily Total Return Index via a fully funded collateralised swap. The product uses derivative instruments (swaps) inherently as part of its investment strategy, confirmed by explicit references to 'fully funded collateralised swap', 'swap counterparty', and 'counterparty risk'. The product is not UCITS compliant despite being UCITS eligible, and is structured as a debt security rather than an ETF. The risk profile is high (6 out of 7), reflecting significant market, liquidity, and counterparty risks. The product involves exposure to commodity futures with known complexities such as roll costs and contango/backwardation effects, which add to the difficulty of understanding and predicting performance. There is no leverage or inverse exposure, but the synthetic replication and swap usage alone classify it as complex under MiFID II. The PRIIPs KID and factsheet confirm the use of swaps and collateral management, and the product carries a comprehension warning indicating it may be difficult for retail investors to understand. Overall, the combination of synthetic replication, swap counterparty risk, commodity futures exposure, and debt security structure drives the classification as complex."
}