{
    "type": "ETC",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via futures contracts",
        "Collateralised debt security structure",
        "Exposure to roll costs and contango effects",
        "Counterparty risk inherent in issuer structure",
        "Use of Optimized Roll Energy EUR-Hedged Total Return Index"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree Energy Enhanced - EUR Daily Hedged product is a UCITS eligible Exchange Traded Commodity (ETC) structured as a fully collateralised debt security. It provides total return exposure to a basket of energy futures contracts, tracking the Optimized Roll Energy EUR-Hedged Total Return Index. The product achieves exposure synthetically through futures contracts rather than physical assets, indicating synthetic replication. The KIID explicitly states the product is not simple and may be difficult to understand, highlighting the complexity. The product is exposed to roll costs and contango effects, which add complexity to the return profile. The risk indicator is 5 out of 7, a medium-high risk level, reflecting derivative and issuer credit risk. The issuer is a special purpose vehicle, and investors bear counterparty risk if the issuer defaults. There is no leverage or inverse exposure, but the use of futures and the collateralised debt security structure, combined with the complexity of the underlying index and roll mechanics, drive the classification as complex under MiFID II. The absence of physical replication and the presence of synthetic exposure via derivatives and collateralised debt securities are key complexity drivers. The PRIIPs KID was not available to provide additional information, but the KIID alone provides sufficient evidence for classification."
}