{
    "type": "ETC",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": false,
    "complex_factors": [
        "Leverage",
        "Swaps",
        "Daily Compounding",
        "Commodity Futures Rolling",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree Wheat 2x Daily Leveraged ETC exhibits multiple complexity indicators under MiFID II. It uses synthetic replication via fully funded swaps to achieve 2x daily leveraged exposure to wheat futures, which introduces significant counterparty risk and complexity in tracking the Bloomberg Wheat Subindex. The daily compounding effect and futures rolling mechanics create non-linear returns that may be difficult for retail investors to understand. The product's high risk rating (7/7), lack of UCITS compliance, and explicit warnings about its complexity further support this classification. While the ETC is collateralized, the combination of leverage, synthetic replication, and commodity futures exposure makes it inherently complex.",
    "confidence": 95,
    "risk_level": 7,
    "counterparty_risk": true,
    "comprehension_warning": true,
    "roll_costs_considered": true,
    "contango_backwardation_effects": true
}