{
    "complex": true,
    "type": "ETC",
    "ucits": true,
    "replication_method": "synthetic",
    "derivatives": true,
    "swaps": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "Commodity futures exposure with roll costs",
        "Contango/backwardation effects",
        "Counterparty risk from swap agreements"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree Natural Gas ETC uses synthetic replication via swaps to track a commodity futures index, which introduces complexity due to roll costs, contango/backwardation effects, and counterparty risk. While the product is UCITS-eligible and fully collateralized, the use of derivatives for exposure rather than direct physical investment in natural gas makes it complex under MiFID II. The risk profile (6/7) and reliance on swap counterparties further support this classification. The PRIIPs KID also highlights that the product is 'not simple and may be difficult to understand,' reinforcing its complex nature.",
    "confidence": 90
}