{
    "fund_name": "WisdomTree S&P 500",
    "type": "ETP",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using swaps",
        "ETP structure (not ETF)",
        "Potential roll costs from futures contracts"
    ],
    "classification": "complex",
    "confidence": 85,
    "supporting_data": "The product is classified as complex primarily due to its synthetic replication method using swaps, which introduces counterparty risk and potential roll costs from futures contracts referenced in the benchmark. While the ETP tracks the S&P 500 Net Total Return Index with a 1:1 exposure (no leverage), the use of derivatives for replication and the ETP structure (rather than a traditional ETF) are key complexity indicators under MiFID II. The PRIIP KID includes a 'comprehension warning' that the product is not simple and may be difficult to understand, further supporting the complex classification. The monthly factsheet would need to be reviewed to confirm the extent of swap usage and any additional derivative-related risks, but the KIID and PRIIP KID provide sufficient evidence for the complex determination. The risk profile is rated 4/7, which is within the medium range, but the synthetic structure and derivative exposure are the primary drivers of complexity. The ETP's collateralized nature and UCITS eligibility do not override the complexity factors identified."
}