{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": true,
        "derivatives": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthethic",
        "complex_factors": [
            "Inverse exposure",
            "Daily rebalancing",
            "-2x daily leverage effect",
            "OTC Swaps",
            "Counterparty risk"
        ],
        "classification": "complex",
        "supporting_data": "This ETF is UCITS compliant but is classified as complex under MiFID II due to its inverse exposure, daily rebalancing, -2x daily leverage effect, and reliance on OTC swaps. The document states the fund aims to obtain an inverse exposure with a daily rebalancing to the German equities market. It uses financial derivative instruments (swaps) to achieve its objective, exposing investors to counterparty risk. The leveraged and inverse nature combined with derivative usage makes the structure and risks difficult for an average retail investor to understand. This assessment is further confirmed by the ESMA guidelines which leans towards derivative use making an asset complex."
    }
}