{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETC",
        "complex_factors": "Synthetic replication, currency hedging using derivatives, and reliance on futures contracts. Risk of roll costs, contango or backwardation effects are involved.",
        "classification": "complex",
        "supporting_data": "The WisdomTree Industrial Metals - EUR Daily Hedged ETC uses the Bloomberg Industrial Metals Sub Euro Hedged Daily Total Return Index (BUINDET) as its benchmark. This index employs a synthetic replication strategy, as the document states it is designed to provide investors with a total return exposure to Industrial Metals futures contracts currency hedged in EUR. The document states that 'You may trade this product on various stock exchanges at your own discretion. Price changes in the futures contracts referenced in the Benchmark will not necessarily result in correlated changes in the level of the Benchmark or of the Product. This may be due to a number of factors including the effect of 'rolling' of futures contracts.' The involvement of futures contracts and the currency hedging mechanism (which inherently utilizes derivatives to manage currency risk) indicates derivative use. Because the returns are based on movements in futures contracts, there are risks such as counterparty risk (if the futures provider defaults). Also, the KID highlights this point: 'What could affect my return negatively? + A decrease in the level of the Bloomberg Industrial Metals Subindex Euro Hedged Daily Total Return'. MiFID II's guidance says derivatives inherently make the product complex. The 'rolling' of futures contracts introduces roll costs (contango and backwardation) which can also introduce complexity to the retail investor. This may introduce opacity in the the risks. As such, this is a complex asset."
    }
}