{
    "type": "ETP",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": false,
    "complex_factors": [
        "Leverage",
        "Swaps",
        "Daily Compounding Effect",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree NASDAQ 100 3x Daily Leveraged ETP exhibits multiple complexity indicators under MiFID II. The primary factors driving this classification are: 1) The use of 3x daily leverage, which creates a non-linear return profile and requires understanding of compounding effects; 2) The synthetic replication method using swaps, as evidenced by the 'Fully Collateralised Swap' structure mentioned in the factsheet; 3) The daily reset mechanism that creates tracking differences from the simple multiple of the underlying index; 4) Significant counterparty risk exposure from swap agreements; and 5) The high risk rating of 7/7. The product's documentation explicitly states it is 'not simple and may be difficult to understand,' which aligns with MiFID II's complexity criteria. The combination of leverage, derivatives usage beyond EPM, and the compounding effects make this a complex product requiring sophisticated understanding.",
    "confidence": 95,
    "risk_level": 7,
    "counterparty_risk": true,
    "compounding_effect": true,
    "daily_rebalancing": true,
    "intended_investor": "informed retail investors with specific knowledge",
    "recommended_holding_period": "1 day",
    "capital_protection": false,
    "illiquid_assets": false,
    "structured_features": false,
    "cost_structure": "complex",
    "regulatory_warning": "The product documentation contains explicit warnings about complexity and suitability only for informed investors."
}