{
    "name": "WisdomTree FTSE MIB Banks",
    "type": "ETP",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Collateralised debt structure",
        "Futures rolling risk",
        "Counterparty risk exposure",
        "High risk rating (6/7)"
    ],
    "classification": "complex",
    "supporting_data": "The product is described as a 'collateralised debt security' with exposure to futures contracts, which introduces complexity through rolling costs and potential contango/backwardation effects. The risk rating of 6/7 indicates significant market and counterparty risks. While it does not explicitly mention swaps, the synthetic nature of tracking via futures and the collateralised structure suggest derivative-like complexity. The document explicitly states 'This product does not have a fixed term' and 'The Issuer is entitled to terminate this product unilaterally,' adding structural complexity. The absence of capital protection and the high-risk profile further support the complex classification.",
    "confidence": 85,
    "counter_argument": "The product could be argued as non-complex due to its straightforward objective of tracking an index and lack of explicit leverage or inverse strategies. However, the collateralised debt structure, futures-based exposure, and high-risk profile outweigh this simplicity, making it complex under MiFID II.",
    "risk_level": 6
}