{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETC",
        "complex_factors": "Exposure to Cotton futures contracts through the use of a benchmark index based on futures contracts, and the fact that the ETC aims to replicate the Bloomberg Commodity Cotton Subindex 4W Total Return Index (BCOMCT 4T) by tracking the Bloomberg Cotton Sub Excess Return Index and providing the interest revenue adjusted to reflect fees and costs associated with the product. The impact of rolling of futures contracts.",
        "classification": "complex",
        "supporting_data": "The WisdomTree Cotton ETC is an Exchange Traded Commodity (ETC) designed to provide investors with total return exposure to Cotton futures contracts. The ETC replicates the Bloomberg Commodity Cotton Subindex 4W Total Return Index (BCOMCT 4T). The use of futures contracts and the aim to replicate an index based on futures contracts, which involves rolling costs, makes the instrument complex.  The document states that the product is 'not simple and may be difficult to understand' and the KID document gives a high risk rating.  The fact that the investment is in a commodity-linked product via futures contracts creates complexity as it goes against a retail investor's lack of expertise with complex indices and the impact of futures contracts and roll costs, contango and backwardation risk."
    }
}