{
    "complex": true,
    "classification": "complex",
    "type": "ETP",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": false,
    "complex_factors": [
        "Leverage",
        "Swaps",
        "Daily Compounding Effect",
        "Counterparty Risk",
        "High Risk Rating (7/7)"
    ],
    "supporting_data": "The WisdomTree STOXX Europe Travel & Leisure 2x Daily Leveraged ETP is classified as complex due to its use of leverage (2x daily), synthetic replication via swaps, and high-risk profile (7/7). The product explicitly states it is 'not simple and may be difficult to understand,' which aligns with MiFID II complexity indicators. The daily compounding effect, counterparty risk from swap agreements, and the need for sophisticated investor knowledge further support this classification. The ETP is not UCITS compliant, adding to its complexity. The KIID and factsheet emphasize risks such as potential loss of entire investment, liquidity risk, and the impact of volatility on leveraged returns, reinforcing the complex nature of the product.",
    "confidence": 95
}