{
    "success": true,
    "data": {
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETP",
        "complex_factors": "Leverage (3x), Synthetic Replication, Daily Rebalancing, Index with a Leveraged component",
        "classification": "complex",
        "supporting_data": "This ETP is classified as complex under MiFID II due to several factors. Firstly, it employs leverage (3x), amplifying both gains and losses, which introduces a level of risk difficult for retail investors to fully understand. Secondly, the product seeks to provide 3 times the daily performance of a specific underlying asset using synthetic replication, likely involving derivatives (such as swaps). Synthetic replication itself introduces counterparty risk, further complicating the structure. The daily rebalancing, necessary for leveraged products, also contributes to the complexity by creating a 'compounding effect' that can significantly alter returns over holding periods longer than a day, especially in volatile markets. Finally, the product tracks an Index which leverages the underlying asset. The KID explicitly states the product is not simple and may be difficult to understand.ESMA also states that where a financial instrument makes it difficult for the client to understand the risk involved should be considered as a complex asset."
    }
}