{
    "success": true,
    "data": {
        "leverage": true,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": false,
        "type": "ETP",
        "complex_factors": [
            "Leverage",
            "Swaps",
            "Counterparty Risk",
            "Complex Indices"
        ],
        "classification": "complex",
        "supporting_data": "The assessment is based on several definitive factors outlined in the Key Information Document. Firstly, the product is a collateralised Exchange Traded Product (ETP), not a UCITS fund, so the presumption of non-complexity does not apply. The product's primary objective is to deliver '3 times the daily performance of Block Inc.', which constitutes significant leverage, a key indicator of complexity under MiFID II. This leveraged return is achieved through a swap agreement with Natixis, making derivatives central to the investment strategy, not merely for efficient portfolio management. The use of swaps introduces counterparty risk, which is explicitly mentioned. The underlying index, 'Solactive Daily Leveraged 3x long Square Index', is a complex strategy index, not a standard transparent market index. Furthermore, the KIID itself contains a comprehension alert: 'You are about to purchase a product that is not simple and may be difficult to understand', which is a mandatory warning for products classified as complex. The discussion of the 'compounding effect' due to daily resets also highlights a structural complexity that makes long-term performance difficult for a retail investor to understand. According to CESR/09-295, instruments that embed a derivative or use swaps are always complex. This product's reliance on leverage and swaps makes its classification unambiguous.",
        "final_assessment": "Complex"
    }
}