{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETC",
        "complex_factors": "The ETF aims to replicate the Bloomberg Commodity Softs Subindex 4W Total Return Index, and the structure uses futures contracts, introducing inherent complexity and the roll costs associated with futures.",
        "classification": "complex",
        "supporting_data": "The WisdomTree Softs ETC tracks the Bloomberg Commodity Softs Subindex 4W Total Return Index, which is replicated using a basket of Softs futures contracts. The nature of the underlying index introduces complexity as it tracks an index which is dependent on changes in the price of a wide selection of Futures Contracts. The use of futures contracts, which are derivative instruments, for replication purposes signals complexity, particularly regarding the understanding of roll costs and contango/backwardation effects. While the KID states it's intended for basic retail investors, the mechanisms it employs push it into complex territory. ESMA guidelines would likely classify this as complex due to the inherent counterparty risk involved with futures contracts and derivative products. Furthermore, the fact that the ETF is a Jersey law governed, uncertificated, registered, collateralised debt security adds a further element of complexity."
    }
}