{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETC",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "The ETC replicates a nickel futures index using swaps, introducing counterparty risk and making the structure difficult to understand.",
        "classification": "complex",
        "supporting_data": "The WisdomTree Nickel ETC is an Exchange Traded Commodity (ETC) that aims to replicate the Bloomberg Commodity Nickel Subindex 4W Total Return Index. The key aspect making this complex is the reliance on derivative instruments (futures contracts) to achieve its investment objective. This falls under the 'complex' classification. Further, the document states 'You are about to purchase a product that is not simple and may be difficult to understand.' In addition, the product description reveals it tracks an index (BCOMNI4T) and 'Price changes in the futures contracts referenced in the Benchmark will not necessarily result in correlated changes in the level of the Benchmark or of the Product. This may be due to a number of factors including the effect of rolling of futures contracts.' The use of futures introduces derivatives into the product, the risks of which are more difficult for retail investors to grasp, and also because the methodology of the index will use swaps to replicate the returns of the benchmark.This is in line with ESMA's view of classifying assets involving derivatives as complex due to the associated counterparty risk."
    }
}