{
    "fund_name": "WisdomTree Long CHF Short GBP",
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using unfunded swaps",
        "Counterparty risk exposure from swap agreements",
        "Complexity of FX forward contracts and rolling costs",
        "Non-UCITS structure despite UCITS eligibility claim"
    ],
    "classification": "complex",
    "supporting_data": "The product is classified as complex due to its synthetic replication structure using unfunded swaps to achieve currency exposure. Key indicators include: (1) Explicit mention of 'synthetic - unfunded swap' replication method in the fact sheet; (2) Significant counterparty risk exposure from swap agreements; (3) Complexity introduced by FX forward contracts and potential roll costs; (4) Non-UCITS structure despite eligibility claim; (5) The product's structure as a collateralised debt security rather than a traditional ETF. While the risk profile is rated medium-low (3/7), the derivative-based structure and counterparty risks make it unsuitable for retail investors without specialist knowledge. The PRIIPs KID contains a comprehension warning, further supporting the complex classification. The fact sheet confirms the use of swaps for replication, which is a primary complexity trigger under MiFID II.",
    "confidence": 90
}