{
    "fund_name": "WisdomTree Softs",
    "type": "ETC",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Commodity futures rolling strategy (contango/backwardation)",
        "Counterparty risk exposure",
        "Complex index tracking (Bloomberg Commodity Softs Subindex 4W Total Return Index)"
    ],
    "classification": "complex",
    "supporting_data": "The ETC uses synthetic replication via swaps to track a commodity futures index, which involves rolling futures contracts subject to contango/backwardation effects. While fully collateralized, the structure requires understanding of futures markets and swap counterparty risks. The PRIIPs KID includes a comprehension warning, and the fact sheet confirms swap usage for replication. Though UCITS-eligible, the combination of synthetic replication, futures rolling, and counterparty risk makes this a complex product under MiFID II.",
    "confidence": 90
}