{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Invests in blockchain technology equities; uses derivatives only for efficient portfolio management; no synthetic replication or embedded derivatives; no significant leverage or complex structured products like CLOs.",
    "classification": "non-complex",
    "supporting_data": "The WisdomTree Blockchain UCITS ETF is a UCITS-compliant ETF that seeks to track an equity index of companies involved in blockchain and cryptocurrency technologies. It employs a passive management approach investing in a representative sample of the index's underlying securities, indicating physical replication. The Fund may use derivatives and securities lending solely for efficient portfolio management (EPM) purposes, which is consistent with non-complex classification under MiFID II Article 25(4)(a)(iv) and Article 57 criteria. There is no indication of synthetic replication, embedded derivatives, leverage beyond UCITS limits, or complex structured products such as CLOs. The risk profile is high due to market volatility and sector concentration but does not imply structural complexity. The Fund's structure and risks are transparent and understandable to retail investors with basic knowledge. According to ESMA and CESR guidance, UCITS ETFs using physical replication and limited derivative use for EPM are presumed non-complex. Therefore, this ETF does not meet any criteria for complexity under MiFID II and Delegated Regulation EU 2017/565 Article 57. It is classified as non-complex."
}