{
    "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 collateralised structure",
        "Medium-high risk rating (5/7)",
        "Comprehension warning: product 'not simple and may be difficult to understand'"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree FTSE MIB product is an Exchange Traded Product (ETP) that is fully collateralised and UCITS eligible. It provides total return exposure to the FTSE MIB Net Total Return Index primarily through a synthetic replication method, as it is described as a certificated, registered, collateralised debt security rather than a physical ETF. The product references futures contracts in the benchmark and highlights the impact of rolling futures (roll costs, contango/backwardation effects), which are typical of synthetic replication and derivative usage. The KIID explicitly states the product is 'not simple and may be difficult to understand,' indicating complexity. The risk indicator is medium-high (5 out of 7), reflecting the risks from market movements and issuer credit risk. The product exposes investors to counterparty risk due to the collateralised debt security structure. There is no leverage or inverse exposure, but the use of derivatives and swaps is inherent to the product's structure, not merely for risk management. Costs are straightforward with no performance fees, but the synthetic nature and collateralised debt security structure drive complexity. The product is intended for investors with specific knowledge or experience, further supporting the complex classification under MiFID II. Therefore, despite no leverage or inverse exposure, the synthetic replication, swap usage, counterparty risk, and complexity of the underlying futures benchmark lead to a classification of 'complex' under MiFID II."
}