{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETP",
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "complex_factors": "The ETP uses FX forward contracts, which are derivatives, to achieve its investment objective. The benchmark tracks the MSFXSM Short Swiss Franc/Euro Total Return Index which will include roll costs, contango, and backwardation effects adding to complexity.",
        "classification": "complex",
        "supporting_data": "The WisdomTree Short CHF Long EUR ETP is classified as complex under MiFID II due to its reliance on FX forward contracts. The ETP's objective is to provide exposure to CHF relative to EUR. This is achieved by tracking the MSFXSM Short Swiss Franc/Euro Total Return Index which uses FX forward contracts, which are derivatives. The use of derivatives makes the product complex. The KID document explicitly states, 'You are about to purchase a product that is not simple and may be difficult to understand.' This alerts investors to the product's inherent complexity. The ETP uses synthetic replication (through derivatives) to achieve its investment objective, creating opacity and counterparty risk for retail investors. The benchmark index involves roll costs, contango, and backwardation effects, further complicating the product's structure for retail investors.The ESMA guidelines' interpretation of derivative use also contributes to the product's complex classification."
    }
}