{
    "type": "ETP",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": true,
    "replication_method": "synthetic",
    "ucits": false,
    "complex_factors": [
        "Leverage",
        "Inverse Exposure",
        "Daily Compounding Effect",
        "Counterparty Risk",
        "Swap Agreements"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree STOXX Europe Oil & Gas 2x Daily Short ETP exhibits multiple complexity indicators under MiFID II. It uses synthetic replication via swap agreements to achieve its 2x daily short exposure to the STOXX Europe 600 Oil & Gas Index. The presence of leverage (2x), inverse exposure, and daily compounding effects significantly increases the product's complexity. Additionally, the ETP involves counterparty risk due to its reliance on swap agreements, and the risk indicator is classified as 7 out of 7, the highest risk level. The product is explicitly stated to be not simple and may be difficult to understand, further supporting its classification as complex.",
    "confidence": 95,
    "risk_level": 7,
    "counterparty_risk": true,
    "daily_compounding": true,
    "capital_protection": false,
    "illiquid_assets": false,
    "structured_features": false,
    "cost_complexity": false,
    "comprehension_warning": true
}