{
    "success": true,
    "data": {
        "ucits": false,
        "type": "ETP",
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthethic",
        "complex_factors": "Leverage (3x), Swaps to replicate the index, and the compounding effect of daily resets.",
        "classification": "complex",
        "supporting_data": "This ETP is classified as complex due to several factors. Firstly, it employs a 3x leverage factor, which inherently amplifies risk and can lead to significant losses. Secondly, the product uses a swap agreement with Natixis to replicate the performance of the Solactive Daily Leveraged 3x Short NIO Index. This synthetic replication method introduces counterparty risk (from the swap provider) and opacity, as the underlying assets held by the ETP do not directly mirror the index. Thirdly, the compounding effect of daily resets of the leverage factor can result in returns that deviate significantly from the expected -3x daily performance, especially with high volatility in the underlying asset. The KID document explicitly states, 'You are about to purchase a product that is not simple and may be difficult to understand.' In addition, the document also states the product is not suited for those seeking to preserve capital or for long term investments. The ESMA guidelines are clear that leveraged products and those using derivative instruments for non-EPM purposes should be classified as complex (ESMA35-36-1640, paragraph 16). "
    }
}