{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETP",
        "complex_factors": [
            "Derivatives (FX forward contracts)",
            "Swaps",
            "Index Tracking Methodology (MSCEEURS)",
            "Roll costs"
        ],
        "classification": "complex",
        "supporting_data": "The WisdomTree Short EUR Long USD ETP uses FX forward contracts to achieve its investment objective.  The KID explicitly states that the ETP tracks the MSFXSM Short Euro Total Return Index (MSCEEURS), which includes the daily performance of FX forward contracts. The use of derivatives, specifically FX forward contracts and the potential impact of rolling costs make this ETP complex. The description also implies that the daily performance of FX forwards may not correlate directly with the index level, adding to the complexity. The KID includes a comprehension alert, further reinforcing its complex classification under MiFID II. Although UCITS eligible, the inherent complexity of the strategy and use of derivatives override the baseline UCITS presumption of non-complexity.  The ESMA guidelines indicate that derivative usage often leads to a complex classification, regardless of the purpose, because the risks are not easily understood by retail investors, and this is certainly the case here. "
    }
}