{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETC",
        "replication_method": "synthetic",
        "complex_factors": [
            "Commodities Futures",
            "Currency Hedging",
            "Rolling Contracts"
        ],
        "derivatives": true,
        "swaps": true,
        "leverage": false,
        "inverse": false,
        "classification": "complex",
        "supporting_data": "The WisdomTree Copper - EUR Daily Hedged is classified as a complex product. While it is a UCITS eligible ETC, its objective of replicating a commodity index using futures contracts and currency hedging introduces complexity. The use of futures contracts inherently involves derivative instruments and the process of 'rolling' contracts can lead to factors like contango or backwardation, which are difficult for retail investors to understand. Furthermore, the daily currency hedging mechanism, while aimed at mitigating currency risk, adds another layer of complexity to the product's structure and payoff. The KID itself notes that the product 'is not simple and may be difficult to understand', and categorizes it as medium-high risk (5 out of 7), explicitly mentioning currency risk as a factor not included in the indicator. The reference to the Bloomberg Copper Sub Euro Hedged Daily Total Return Index and the explanation that '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' further highlights the derivative-based nature and potential complexities. Specifically, the use of futures and currency hedging mechanisms falls under the umbrella of derivative use, which is a primary driver for complexity classification under MiFID II, especially when these are integral to the investment strategy rather than purely for efficient portfolio management."
    }
}