{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETP",
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthethic",
        "complex_factors": [
            "Leveraged product",
            "Synthetic replication via swaps"
        ],
        "classification": "complex",
        "supporting_data": "The product is a -3x short ETP on MicroStrategy. It is leveraged (3x) and uses synthetic replication. The KID states the product aims to provide -3 times the daily performance of MicroStrategy. This is achieved through the use of derivatives (likely swaps) to replicate the index's performance. The reliance on derivatives for achieving the investment objective, and the leverage, contribute to the product's complexity. The compounding effect is also noted, adding to the risk. This ETP does not hold the underlying asset. The product is intended for sophisticated investors with a very short investment horizon. This ETP falls under MiFID II as a complex product. See Section 6 - Synthesize the Assessment of the rules document. Because it uses synthetic replication, and relies on derivatives to generate its investment objective. The nature of the ETP requires additional understanding of derivatives, leverage, and daily compounding effects for the retail investor."
    }
}