{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETP",
        "complex_factors": [
            "Underlying asset complexity",
            "High risk rating",
            "No capital protection"
        ],
        "classification": "complex",
        "supporting_data": "The product is classified as complex primarily because its objective is to track an 'Investment Strategy' which itself tracks an ETF. This implies a layer of complexity in understanding the ultimate underlying performance drivers. The KID explicitly states 'You are about to purchase a product that is not simple and may be difficult to understand.' Furthermore, the product has a risk indicator of 6 out of 7, indicating a high level of risk. The KID also highlights that 'Poor market conditions are very likely to impact the capacity to pay you' and mentions currency risk. While the KID states it invests 'directly into Reference Assets', the structure as an ETP that offers 1:1 exposure to an ETF's performance, minus fees, and holding collateral assets rather than the underlying assets directly, introduces complexities related to counterparty and collateral management that are not easily understood by retail investors. The absence of capital protection and the explicit statement that the investor may lose some or all of their investment, combined with a high risk rating, reinforce the complex classification. Despite physical replication being the stated method, the nature of the underlying investment strategy and the ETP structure itself contribute to the complexity as defined by MiFID II, particularly concerning the ease of understanding for a retail investor. The document also states it is a 'Collateralised Exchange Traded Security', which suggests a structure that may not be immediately obvious to a retail investor. The document also mentions the scheduled maturity date and early redemption events, which adds further layers to the product's structure and terms that a retail investor may find difficult to fully comprehend."
    }
}