{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETC",
        "complex_factors": "Rolling futures contracts, Carbon Futures, Futures rolling, tracking an excess return index, counterparty risk",
        "classification": "complex",
        "supporting_data": "The WisdomTree California Carbon ETC is designed to provide exposure to Carbon futures contracts. This inherently involves derivatives (futures contracts) and rolling those contracts introduces complexity and roll costs, making it difficult for retail investors to understand.  The reference to the Solactive California Carbon Rolling Futures Total Return Index highlights the use of a rolling strategy which introduces the risk of 'contango' and 'backwardation', which have the potential to materially effect performance, thus driving the MiFID II complex asset determination.",
        "esma_references": [
            "MiFID II Article 25(3) and (4), and Article 57 of the MiFID II Delegated Regulation",
            "ESMA Guidelines on complex debt instruments and structured deposits dated 4 February 2016"
        ]
    }
}