{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETC",
        "complex_factors": [
            "Use of derivatives integral to investment objective (tracking a commodity future index).",
            "Complexity of the underlying index (Bloomberg Sugar Sub Euro Hedged Daily Total Return Index).",
            "Potential for significant roll costs and contango/backwardation effects in futures contracts.",
            "Lack of capital protection",
            "Collateralized debt security nature with potential for loss in adverse market conditions"
        ],
        "classification": "complex",
        "supporting_data": "The WisdomTree Sugar - EUR Daily Hedged ETC is designed to track the Bloomberg Sugar Sub Euro Hedged Daily Total Return Index using a synthetic replication strategy.  The KIDs explicitly state that the product is complex and difficult to understand, citing the use of futures contracts and the potential for roll costs, contango/backwardation in the underlying futures contracts.  The nature of the benchmark, which involves hedging a commodity index, intrinsically leads to complexity in the interpretation of the product's return profile for investors, which is a key factor in the assessment. The underlying index itself carries complexities (referencing to the hedged nature of the index).  The structure is a collateralised debt security with exposure to commodity futures, and the possibility of a loss of capital further complicates the nature of the investment product."
    }
}