{
    "success": true,
    "data": {
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETP",
        "complex_factors": "2x leverage, daily rebalancing (compounding effect), derivative use (implied in the leverage and replication strategy), high volatility risk, and the fact that it seeks to track an asset which retail investors may not fully understand (Tesla)",
        "classification": "complex",
        "supporting_data": "The ETP is highly leveraged (2x), which inherently increases complexity due to the magnified potential for gains and losses. The ETP tracks the iSTOXX Leveraged2X TSLA Index, which provides exposure to 2 times the daily performance of the Tesla, Inc. equity security. The use of leverage and the daily rebalancing mechanism to maintain the leverage creates a 'Compounding Effect', where the returns over holding periods longer than one day are different from 2x the reference asset's return. The KID explicitly states that the ETP is 'not simple and may be difficult to understand'. It targets 'sophisticated investors' and has a recommended holding period of 1 day. The product also lacks capital protection and uses derivatives to achieve its objectives. The assessment aligns with ESMA's guidance that any derivative use, even for leverage, can be classified as complex and also highlights the opacity and risks in leveraged products.",
        "references_to_esma": "ESMA35-36-1640 MiFID II Supervisory briefing on appropriateness. Sections 1.2, 2.1 and 2.3",
        "references_to_cesr": "CESR/09-295 MiFID complex and non-complex financial instruments"
    }
}