{
    "success": true,
    "data": {
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": false,
        "type": "ETP",
        "complex_factors": [
            "Leverage",
            "Swaps",
            "Compounding Effect"
        ],
        "classification": "complex",
        "supporting_data": "This ETP seeks to provide 3x daily leverage to the Energy Select Sector SPDR Fund.  The KID explicitly states that the product is 'not simple and may be difficult to understand,' which is a strong indicator of complexity. The use of derivatives (implied by the 3x leverage and daily rebalancing) is integral to the investment strategy.  The compounding effect, a direct consequence of daily rebalancing, is also mentioned as potentially negatively impacting returns, especially with higher volatility. The high risk indicator (7/7) and the fact that the product is intended for 'sophisticated investors' further supports the complex classification. The underlying investment, though an ETF, could still contain complex factors.  The presence of a comprehension alert in the KID confirms the regulator's assessment of the product's complexity."
    }
}