{
    "success": true,
    "data": {
        "ucits": false,
        "type": "ETP",
        "leverage": true,
        "derivatives": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthetic",
        "complex_factors": [
            "Leverage",
            "Inverse exposure",
            "Daily reset mechanism",
            "Compounding effect",
            "Use of Swaps",
            "Counterparty risk",
            "Collateral risk"
        ],
        "classification": "complex",
        "supporting_data": "The product is a leveraged ETP seeking to replicate a 3x inverse daily performance of Glencore PLC. This inherently involves complex derivative instruments (swaps) and a daily rebalancing mechanism. The 'compounding effect' described means that for periods longer than one day, the product's performance will deviate from a simple multiple of the underlying asset's performance, making it difficult for retail investors to understand. The presence of swaps introduces counterparty and collateral risk, which are explicitly considered complex factors under MiFID II. Furthermore, the product's risk indicator is rated as 7 out of 7, indicating a very high level of risk and complexity. The KID explicitly states, 'You are about to purchase a product that is not simple and may be difficult to understand,' which directly aligns with the definition of a complex product requiring a comprehension alert. The use of derivatives to achieve leveraged and inverse exposure, coupled with the daily reset and compounding, makes this product complex."
    }
}