{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": "Synthetic exposure to bond futures contracts, making the ETF complex due to the use of derivatives (futures) and introducing risks hard for retail investors to understand such as counterparty risk.",
        "classification": "complex",
        "supporting_data": "The WisdomTree Global Efficient Core UCITS ETF uses a synthetic replication method through exposure to global government bond futures contracts to achieve its investment objective, and invests in global developed equity securities. The use of derivatives and futures contracts to achieve the stated goal of the ETF introduces opacity and risks such as counterparty risk and collateral risk, which are difficult for retail investors with basic knowledge to understand. The Key Investor Information document also states that the fund has 60% notional exposure to bond futures contracts. This use of derivatives is integral to achieving the investment objective, thus classifying it as complex. ESMA typically classifies any derivative use as complex, even for efficient portfolio management. The fund invests in the WisdomTree Global Efficient Core Index which has 60% of exposure to bond futures contracts. As such, the asset is complex, as synthetic replication relying on derivatives (futures) is central to the strategy, and the associated risks are not easily understood by retail investors.",
        "ESMA_reference": "ESMA/2015/187, ESMA/2015/1787 and ESMA35-36-1640. Article 25 (3) and (4) of MiFID II and Article 57 of the MiFID II Delegated Regulation. "
    }
}