{
    "complex": true,
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": true,
    "inverse": false,
    "derivatives": true,
    "swaps": true,
    "complex_factors": [
        "3x daily leverage",
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Daily compounding effect",
        "High risk profile (7/7)",
        "Non-UCITS structure",
        "Complex index tracking (NASDAQ-100 3x Leveraged Notional Net Return Index)"
    ],
    "classification": "complex",
    "supporting_data": "The product is classified as complex under MiFID II due to several key factors: 1) It uses 3x daily leverage, which creates significant volatility and potential for magnified losses; 2) It employs synthetic replication through swap agreements, introducing counterparty risk; 3) The product has a risk rating of 7/7, indicating very high risk; 4) The underlying index (NASDAQ-100 3x Leveraged Notional Net Return Index) is itself complex due to its leveraged nature; 5) The product is not UCITS compliant, which typically indicates higher complexity; 6) The daily compounding effect means performance deviates significantly from simple leverage over time; 7) The product includes warnings about potential total loss of investment in adverse conditions. While the product is fully collateralized, the combination of these factors makes it unsuitable for retail investors without specialized knowledge.",
    "confidence": 95
}