{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETC",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "The ETC replicates the Bloomberg Commodity Energy Subindex 3 Month Forward 4W Total Return Index (BCOME3T4) by tracking the Bloomberg Energy Sub 3 Month Forward Excess Return Index and providing the interest revenue adjusted to reflect fees and costs associated with the product.",
        "classification": "complex",
        "supporting_data": "The WisdomTree Energy Longer Dated ETC is classified as complex under MiFID II primarily due to its structure and the underlying index it tracks. Specifically, the ETC aims to replicate the Bloomberg Commodity Energy Subindex 3 Month Forward 4W Total Return Index (BCOME3T4), which introduces complexity. Additionally, the document highlights that the product is 'not simple and may be difficult to understand,' and a comprehension alert is included. The use of futures contracts, and the method of tracking the index using such derivative instruments. The key factors driving this classification are the product's reliance on a complex index. This index utilizes complex derivatives which can cause roll costs that contribute to the complexity. The use of an index that tracks forward contracts and the roll costs, contango, backwardation effects, and other complexities inherent in this structure. The KID document states that it is not a simple product and is difficult to understand."
    }
}