{
    "success": true,
    "data": {
        "ucits": false,
        "type": "ETP",
        "leverage": true,
        "derivatives": true,
        "swaps": false,
        "inverse": true,
        "complex_factors": [
            "Leverage",
            "Inverse Strategy",
            "Compounding Effect",
            "Short Holding Period recommendation"
        ],
        "classification": "complex",
        "supporting_data": "The product is an ETP (Exchange Traded Product) Securities that aims to provide -1 times the daily performance of Netflix, Inc. equity. This inherently involves leverage and an inverse strategy, which are considered complex features under MiFID II. The KID explicitly warns about the 'Compounding Effect' due to daily rebalancing, stating it's magnified by leverage and longer holding periods, and tends to have a negative impact in volatile markets. The recommended holding period is 1 day, and the intended retail investor is described as 'sophisticated' and understanding of 'compounded returns and the increased risk of investment in inverse leveraged products'. The risk indicator is class 6 out of 7, indicating high risk. The product does not offer capital protection, and the potential for loss is significant. These characteristics, particularly the leverage and inverse strategy combined with the explicit warnings about compounding effects and the target sophisticated investor, strongly indicate a complex product classification under MiFID II."
    }
}