{
    "success": true,
    "data": {
        "leverage": true,
        "derivatives": true,
        "swaps": false,
        "inverse": true,
        "replication_method": "synthetic",
        "ucits": false,
        "type": "ETP",
        "complex_factors": [
            "Leverage",
            "Daily rebalancing compounding effect",
            "Short strategy",
            "High risk classification (7/7)",
            "Inverse leveraged products",
            "Underlying index performance reliance"
        ],
        "classification": "complex",
        "supporting_data": "The ETP Securities are designed to provide -3 times the daily performance of the Financial Select Sector SPDR Fund. This inherent leverage and the inverse nature of the strategy, coupled with the compounding effect due to daily rebalancing, significantly increases the product's complexity and risk profile. The KID explicitly states that holding the ETP for more than one day is likely to result in a return different from -3 times the Reference Asset's return due to compounding, which is magnified by leverage and volatility. The product is classified as class 7 out of 7 for risk, indicating the highest risk. The intended retail investor profile is for sophisticated investors who understand compounded returns and inverse leveraged products, further underscoring its complexity. The product is collateralised but does not offer capital protection. The direct reliance on derivative-like mechanisms to achieve its leveraged and inverse exposure makes it inherently complex, as per MiFID II guidelines where derivatives integral to the investment objective typically lead to a complex classification due to counterparty and collateral risks, and general difficulty in understanding for retail investors."
    }
}