{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthetic",
        "complex_factors": "Leveraged ETF with synthetic replication using swaps. The index itself may also be complex.",
        "classification": "complex",
        "supporting_data": "The WisdomTree STOXX Europe Travel & Leisure 2x Daily Short ETF is a leveraged (2x) and short ETF. It uses synthetic replication, relying on derivatives (likely swaps) to achieve its objective and provide short exposure. The document explicitly states that this is a complex product and requires a comprehension alert. The daily reset and compounding effect of the leverage also contributes to the complexity. The fact that the ETF is trading with leverage and provides short exposure make it complex.",
        "ESMA Reference": "This assessment is based on ESMA's guidelines, referencing the MiFID II Supervisory briefing on Appropriateness and execution-only (ESMA35-36-1640), particularly points 11, 12, and 25 (3) of MiFID II, and articles 55, 56, and 57 of the MiFID II Delegated Regulation. The product's structure, with leveraged short exposure, clearly indicates a complex instrument. The document also states You are about to purchase a product that is not simple and may be difficult to understand, this is another indicator of the complexity"
    }
}