{
    "type": "ETP",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Futures Rolling",
        "Collateralized Debt Structure"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree FTSE MIB ETP is classified as complex due to several key factors. Firstly, it is a synthetic ETP that uses derivatives (futures contracts) to achieve its investment objective, which introduces counterparty risk and complexity in tracking the underlying index. The KIID explicitly mentions the effect of 'rolling' futures contracts, which is a sophisticated mechanism that can impact performance and requires investor understanding. Additionally, the product is structured as a collateralized debt security, adding another layer of complexity. While the risk level is rated 5 out of 7 (medium-high), the presence of synthetic replication and the need for investors to understand futures rolling and collateralization mechanisms make this a complex product under MiFID II. The PRIIPs KID also includes a comprehension warning, further indicating its complexity.",
    "confidence": 90
}