{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETC",
        "complex_factors": "The ETF replicates an index using Nickel futures contracts, hedged in EUR, implying the use of swaps and a roll cost associated with futures contracts. This makes understanding the product more complex. The KId document states 'You are about to purchase a product that is not simple and may be difficult to understand.'",
        "classification": "complex",
        "supporting_data": "The WisdomTree Nickel - EUR Daily Hedged ETC is classified as complex due to its structure and underlying assets. The document explicitly states that it is designed to provide investors with a total return exposure to Nickel futures contracts.  The use of Nickel futures contracts, which are derivatives, is integral to the product's objective. Further, the replication method is through synthetics. The KID also acknowledges the product's complexity with the statement: 'You are about to purchase a product that is not simple and may be difficult to understand.' Furthermore, the ESMA guidance highlights the complexity due to the derivative nature of the instruments and the use of hedging.  Also, the currency hedging component adds another layer of complexity for the average retail investor."
    }
}