{
    "type": "ETP",
    "ucits": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Vanilla Global Balanced ETP is physically replicated, does not use leverage or derivatives for anything other than potential efficient portfolio management, and has a straightforward investment strategy. The risk indicator is medium-low (3 out of 7), and the product is designed to be transparent with a clear investment objective. The ETP is physically backed, and the underlying assets are owned directly, reducing complexity. The product is intended for retail investors with some market knowledge but does not exhibit features that would classify it as complex under MiFID II.",
    "confidence": 90,
    "counter_argument": "While the product is marketed by Leverage Shares, which typically deals with more complex products, this specific ETP is designed to be a simple, physically backed, and non-leveraged investment. The absence of synthetic replication, leverage, or complex derivatives supports the non-complex classification. The risk warnings are standard for any investment product and do not indicate complexity beyond typical market risks.",
    "risk_level": "medium-low"
}