{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthethic",
        "ucits": false,
        "type": "ETP",
        "complex_factors": [
            "3x leverage on daily performance of Barclays PLC Index",
            "Synthetic replication using swaps with Natixis",
            "Daily reset of leverage factor",
            "High volatility of Underlying Index",
            "Potential for significant deviation of return from stated -3x exposure over longer time horizons."
        ],
        "classification": "complex",
        "supporting_data": "The product, a 3x leveraged short ETP, replicates the Solactive Daily Leveraged 3x Short Barclays PLC Index. This underlying index tracks -3 times the daily performance of Barclays PLC, adjusted for fees and market disruption. Crucially, the daily reset of the leverage factor creates a compounding effect; the product's return over periods longer than one day will not simply be -3 times the underlying asset's return. This deviation can be positive or negative, depending on the underlying asset's volatility. The product is backed by a swap with Natixis, meaning its performance relies on the swap provider's ability to pay. This introduces counterparty risk, a complex aspect difficult for retail investors to understand. The product itself is labelled as 'complex' by the PRIIP Key Information Document with a risk indicator of 7/7. This, combined with the use of derivatives, daily resets, and the lack of capital guarantee, strongly suggests complexity according to MiFID II standards. The KIDs warns that the product may be difficult to understand."
    }
}