{
    "success": true,
    "data": {
        "ucits": false,
        "type": "ETP",
        "replication_method": "synthetic",
        "leverage": true,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "complex_factors": [
            "Leverage",
            "Swaps",
            "Daily reset of leverage",
            "Compounding effect",
            "High risk rating (7/7)"
        ],
        "classification": "complex",
        "supporting_data": "The product is a 3x Leveraged Daily ETP, meaning it aims to deliver three times the daily performance of an underlying asset. This inherent leverage, coupled with the daily resetting of the leverage factor, introduces a compounding effect that can lead to significant deviations from the underlying asset's performance over periods longer than one day. Such mechanisms, along with the high-risk rating (7 out of 7), are difficult for a retail investor with basic knowledge to understand. The product is backed by a swap with a Swap Provider, which introduces counterparty risk. The KID explicitly states, 'You are about to purchase a product that is not simple and may be difficult to understand.' This directly aligns with the MiFID II criteria for complexity, as the structure, risks (compounding, counterparty risk), and payoff are not easily comprehensible to an average retail investor. According to MiFID II and ESMA guidelines, instruments with embedded derivatives, leverage, or complex payoff structures are generally considered complex."
    }
}