{
    "type": "ETC",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Commodity Futures",
        "Rolling Costs",
        "Currency Hedging"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree Nickel - EUR Daily Hedged ETC is classified as complex primarily due to its exposure to commodity futures contracts, which involve rolling costs and potential contango/backwardation effects. The product tracks the Bloomberg Nickel Sub Euro Hedged Daily Total Return Index, which is inherently complex due to its reliance on futures contracts rather than physical assets. Additionally, the ETC employs currency hedging, adding another layer of complexity. The KIID explicitly states that the product is 'not simple and may be difficult to understand,' which aligns with MiFID II's criteria for complex instruments. The risk indicator is rated 6 out of 7, indicating high risk, and the document highlights potential losses due to market movements or issuer default. While the ETC does not use leverage or swaps, the underlying commodity futures and hedging mechanisms introduce complexity that may not be easily understood by retail investors.",
    "confidence": 85
}