{
    "fund_name": "WisdomTree Long SEK Short EUR",
    "type": "ETP",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": true,
    "complex_factors": [
        "Synthetic replication using FX forwards",
        "Currency exposure complexity",
        "Collateralized debt structure"
    ],
    "classification": "complex",
    "supporting_data": "The ETP uses synthetic replication via FX forward contracts to achieve its currency exposure, which introduces counterparty risk and complexity in rolling forward contracts. While it is UCITS-eligible and has a medium-low risk profile (3/7), the use of derivatives for core exposure rather than just efficient portfolio management, combined with the collateralized debt structure, makes it complex under MiFID II. The PRIIPs KID includes a 'comprehension warning' indicating the product is not simple and may be difficult to understand, further supporting the complex classification. The fact that it is a collateralized debt security (ETP) rather than a traditional ETF adds to the complexity.",
    "confidence": 90
}