{
    "fund_name": "WisdomTree Long CNY Short USD",
    "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 with debt security characteristics"
    ],
    "classification": "complex",
    "supporting_data": "The ETP uses synthetic replication via unfunded swaps to track the MSFXSM Long Chinese Renminbi Total Return Index (MSCECNYL), which involves daily performance of FX forward contracts. The KIID explicitly mentions 'synthetic - unfunded swap replication method' and highlights counterparty risk from swap agreements. While the risk indicator is low (2/7), the use of derivatives for core exposure rather than efficient portfolio management, combined with the non-UCITS structure and debt security characteristics, triggers MiFID II complexity classification. The PRIIPs KID includes a 'comprehension warning' and details collateral management risks, further supporting the complex classification.",
    "confidence": 90
}