{
    "type": "ETP",
    "complexity": "complex",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "complex_factors": [
        "0DTE Options Strategy",
        "Derivative Usage Beyond EPM",
        "Complex Underlying Strategy"
    ],
    "classification": "complex",
    "supporting_data": "The IncomeShares S&P500 Options (0DTE) ETP is classified as complex due to its strategy of selling 'Zero Days to Expiration' (0DTE) put options on the S&P 500 Index daily. This involves sophisticated derivative strategies that require specialized knowledge to understand the risks and potential outcomes. The use of derivatives is not for efficient portfolio management but is central to the investment strategy, which involves significant risks such as rapid time decay of options and potential capital losses. The product is also not principal protected, and the risk of losing some or all of the investment is explicitly stated. The KIID explicitly mentions that the product is not simple and may be difficult to understand, which is a strong indicator of complexity under MiFID II. Additionally, the intended retail investor section specifies that the product is suitable only for investors with specific knowledge or experience, further supporting the complex classification.",
    "confidence": 90
}