{
    "success": true,
    "data": {
        "leverage": true,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETP",
        "complex_factors": [
            "Leverage",
            "Synthetic Replication",
            "Compounding Effect",
            "High Risk Indicator (6/7)",
            "Sophisticated Investor Target"
        ],
        "classification": "complex",
        "supporting_data": "The product is classified as complex due to its inherent leverage of 2x the daily performance of Alphabet Inc. This leverage is achieved through synthetic replication, likely involving derivatives such as total return swaps, which introduces counterparty and collateral risks that are difficult for retail investors to understand. The document explicitly warns that 'Holding the ETP Securities for more than one day is likely to result in a return which is different to 2 times the return of the Reference Asset over that holding period' due to the 'Compounding Effect,' which is magnified by leverage and volatility. Furthermore, the product targets 'sophisticated investors' who understand these complexities and has a high risk indicator (6 out of 7), explicitly stating that 'poor market conditions are very likely to impact the capacity to pay you.' These features, particularly the leverage and synthetic replication, make it difficult for a retail investor with basic knowledge to understand the product's structure, risks, and payoff, thereby triggering a complex classification under MiFID II."
    }
}