{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETP",
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "Leverage, Compounding Effect, 3x Daily Performance,  and the fact it's an Exchange Traded Product (ETP)",
        "classification": "complex",
        "supporting_data": "This ETP seeks to provide 3x the daily performance of the underlying asset, PayPal Holdings, Inc. This immediately introduces complexity because of the leverage and daily rebalancing. The KID document highlights the risk of the compounding effect, which will likely lead to returns that are very different from 3x the daily performance over holding periods of more than one day. The product utilizes a synthetic replication method through the ISTOXX Leveraged 3x PYPL Index. The complexity is further increased because the instrument is an ETP, meaning it's not as simple as an ETF and often utilizes derivatives and other complex instruments that drive its performance. The ETP also states it's not principal protected and has a high risk rating 7/7. All these factors drive the MiFID II determination of the asset as 'complex' as the risks are not easily understood."
    }
}