{
    "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 compounding and reset",
        "Commodity futures roll costs and contango effects"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree WTI Crude Oil 2x Daily Leveraged product is an Exchange Traded Commodity (ETC) that provides 2x leveraged exposure to the Bloomberg WTI Crude Oil SL Excess Return Index. It uses a fully collateralised, funded swap structure to synthetically replicate the index performance, confirmed by explicit references to 'collateralised swap', 'swap counterparties', and 'swap agreements'. The product is not UCITS compliant. The leverage factor is 2x with daily reset and compounding effects, which significantly increases complexity and risk. The product carries a highest risk rating of 7/7, indicating very high risk. The underlying exposure is to commodity futures contracts, which involve roll costs and contango/backwardation effects, adding further complexity. Counterparty risk is explicitly disclosed, with collateral held to mitigate but not eliminate this risk. The product is intended for informed investors with specific knowledge of leveraged and synthetic ETCs, and the recommended holding period is only 1 day, highlighting the complexity and risk of holding longer. There are no capital protection features. Costs include management fees and transaction costs related to the underlying swaps. The PRIIPs KID and factsheet confirm the synthetic replication, leverage, and swap usage. All these factors combined classify the product as complex under MiFID II rules."
}