Is wBTC a derivative?

Could you please elaborate on whether Wrapped Bitcoin (wBTC) is classified as a derivative? I'm curious to understand the financial instruments it's comparable to and how it differs from other crypto assets. Additionally, would you mind explaining the underlying mechanisms and risks associated with wBTC if it is indeed considered a derivative? I'm interested in gaining a deeper understanding of this topic and how it fits into the broader cryptocurrency and finance landscape. Thank you for your insights.