{
    "success": true,
    "data": {
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthetic",
        "ucits": false,
        "type": "ETP",
        "complex_factors": "Leverage, Inverse exposure, and the use of derivatives to achieve the investment objective create a complex structure.",
        "classification": "complex",
        "supporting_data": "This ETP employs a -5x short strategy on the S&P 500. This means it uses leverage to amplify daily losses and gains. The document states 'the ETP (and the Investment Strategy it seeks to track) is expected to fall by 5%' if the index rises by 1%. Inverse exposure, or short selling, is created by using derivatives. Because it is not UCITS, and it uses complex mechanisms such as swaps, the asset is classified as complex and requires a comprehension alert (7). This product is only suitable for sophisticated investors with a very short investment horizon. ESMA guidance suggests any use of derivatives triggers complexity and this product is likely considered complex by regulatory agencies. ESMA and other authorities focus on investor understanding; given the leveraged and inverse nature of the ETP, it's reasonable to presume a retail investor might struggle to grasp the structure and associated risks. The product's high-risk classification of 7/7 also reinforces this assessment."
    }
}