{
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": false,
    "type": "ETP",
    "complex_factors": [
        "Leverage",
        "Short-term holding recommendation",
        "High risk profile"
    ],
    "classification": "complex",
    "supporting_data": "The ETP is classified as complex primarily due to its 2x leverage structure, which amplifies both gains and losses. While it uses physical replication (owning the underlying Visa stock with margin), the daily rebalancing and compounding effects make it unsuitable for long-term holding. The KIID explicitly states it is 'not simple and may be difficult to understand,' and the PRIIPs document reinforces this with warnings about daily monitoring requirements. The high risk rating (6/7) and the disclaimer that it is only for sophisticated investors further support the complex classification. The ETP's structure, while physically replicated, involves significant leverage and requires active management, making it complex under MiFID II.",
    "confidence": 90
}