{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Commodity Risks",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree Strategic Metals UCITS ETF uses swaps to gain indirect exposure to commodity metals, which introduces counterparty risk and derivative complexity. The KIID explicitly states that the fund uses swap agreements with banks to track the index, which is a key indicator of complexity under MiFID II. Additionally, the fund's exposure to commodity risks, including roll costs and contango/backwardation effects, further contributes to its classification as complex. The risk profile is rated at level 6, indicating higher risk and complexity. The use of derivatives for replication rather than physical holdings, along with the inherent volatility and complexity of commodity markets, supports the classification as a complex instrument.",
    "confidence": 90
}