{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETC",
        "complex_factors": "The ETF tracks an index using synthetic replication (total return swaps), which is central to achieving its investment objective, introducing counterparty risk and collateral risk, hard for retail investors to understand. The index itself has a currency hedging in EUR.",
        "classification": "complex",
        "supporting_data": "The WisdomTree Gold - EUR Daily Hedged ETC is classified as complex due to its use of synthetic replication via total return swaps. This method, while aiming to replicate the Bloomberg Gold Sub Euro Hedged Daily Total Return Index, introduces counterparty risk, a key factor in MiFID II complexity assessments. The KID explicitly states 'You are about to purchase a product that is not simple and may be difficult to understand.' The document is explicit, and its use of financial derivatives to reach the investment objective means it would not satisfy the first criteria of Art. 38 of the Level 2 Directive, and must therefore be classified as complex. See paragraphs 48 onwards of the CESR/09-295 Consultation Paper and  ESMA35 -36 -1640 MiFID II Supervisory briefing on Appropriateness."
    }
}