{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETP",
        "complex_factors": "Swaps, currency risk from FX forward contracts,  rolling of forward contracts and the product itself explicitly states it is not simple and may be difficult to understand.",
        "classification": "complex",
        "supporting_data": "The WisdomTree Long JPY Short USD ETP is classified as complex due to the use of FX forward contracts to achieve its investment objective of providing exposure to JPY relative to USD. The KID states that this product is not simple and may be difficult to understand indicating that the product is complex by default under MiFID II. The reliance on the MSFXSM Long Japanese Yen Total Return Index (MSCEJPYL) indicates it is synthetic, using derivatives to achieve its exposure. This is directly implied in the 'What is this product?' section of the Key Information Document (KID) describing the total return comprised of the daily performance of FX forward contracts. Rolling of the forward contracts may also result in contango. Any currency risk needs active manegement by the product provider and may be difficult for a retail investor to understand. Because of the use of derivatives, it is classified as a complex product. ESMA's guidelines highlight the complexities of the underlying replication strategy. This requires the client to understand the risk of the ETP."
    }
}