{
    "success": true,
    "data": {
        "ucits": false,
        "type": "ETP",
        "replication_method": null,
        "derivatives": true,
        "swaps": false,
        "leverage": true,
        "inverse": false,
        "complex_factors": [
            "Leverage (2x daily)",
            "Compounding Effect",
            "High Risk Indicator (Class 7/7)",
            "Intended for sophisticated investors",
            "No Capital Protection"
        ],
        "classification": "complex",
        "supporting_data": "The product is classified as 'complex' primarily due to its leveraged nature (2x daily performance). This leverage magnifies both gains and losses and introduces a compounding effect, which is explicitly mentioned as potentially negative and difficult for retail investors to understand, especially over longer holding periods. The product's risk indicator is at the highest level (7 out of 7), signifying a very high risk. It is explicitly stated that the ETP securities are intended for 'sophisticated investors' who understand leveraged products and can afford to risk losing their investment, further indicating a complex nature. The absence of capital protection means investors bear the full brunt of market movements. The Key Investor Information Document (KID) itself carries a comprehension alert: 'You are about to purchase a product that is not simple and may be difficult to understand.' This directly aligns with the criteria for classifying a product as complex under MiFID II, where complexity is determined by the structure and the ease with which risks can be understood by a retail investor."
    }
}