{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETP",
        "leverage": true,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "Leverage, Daily Rebalancing ('Compounding Effect') and investment strategy based on the United States Oil Fund LP which is subject to frequent trading.",
        "classification": "complex",
        "supporting_data": "This ETP, 'Leverage Shares 2x Long WTI Oil ETP Securities', is classified as complex under MiFID II due to several factors. Firstly, it provides 2x leveraged exposure to the daily performance of the United States Oil Fund LP. This use of leverage, and the daily rebalancing inherent in leveraged products, introduces significant complexity and risk that is difficult for retail investors to understand. The KID explicitly highlights the 'Compounding Effect' of daily rebalancing which can dramatically impact the returns over holding periods longer than a day. The high-risk rating of 7/7 on the risk indicator also reinforces the products complexity as the returns over time are difficult to forecast and prone to dramatic changes. The product invests in an underlying index that is subject to frequent trading which makes it also difficult for a retail investor to understand and evaluate.",
        "ESMA_guidance": "The product falls under MiFID II as it has leveraged exposure, where the firm is required to inform the retail client about the complex features and associated risks as noted in the ESMA Guidelines on complex debt instruments and structured deposits dated 4 February 2016 ESMA/2015/187. See section 2.2, obtaining information from clients, where the information to be collected should be the information necessary with regard to the nature of the client, the nature and extent of the service to be provided and the type of investment product or transaction envisaged, including their complexity and the risks involved (proportionality principle) "
    }
}