{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETP",
        "complex_factors": "The ETP uses FX forward contracts (swaps) to achieve its objective of providing exposure to JPY relative to EUR. Forward contracts are derivatives. The index also incorporates an interest revenue element adding further complexity. The product is designed to give Short JPY Long EUR exposure using forwards - this could be considered an inverse strategy. The Key Information Document (KID) explicitly states that this product is not simple and may be difficult to understand which supports a complex classification. The index itself uses swaps which are derivatives.",
        "classification": "complex",
        "supporting_data": "This ETP, designed to provide exposure to JPY relative to EUR, uses FX forward contracts (swaps) to achieve its investment objective. Derivatives are integral to the strategy's function. The use of derivatives and their inherent risks (counterparty, collateral) are often difficult for retail investors to understand. Furthermore, the KID explicitly warns that the product is not simple and may be difficult to understand. ESMA's guidelines support a complex classification due to the presence of derivative instruments."
    }
}