{
    "complex": true,
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": true,
    "replication_method": "synthetic",
    "ucits": false,
    "type": "ETP",
    "complex_factors": [
        "Leverage (3x inverse)",
        "Synthetic replication via swaps",
        "Daily compounding effect",
        "Short exposure",
        "Non-UCITS structure"
    ],
    "classification": "complex",
    "supporting_data": "The product is classified as complex under MiFID II due to several key factors: 1) It provides 3x inverse daily exposure to the EURO STOXX Banks index, which involves significant leverage and daily compounding effects that can lead to performance divergence from the underlying index over time. 2) The product uses synthetic replication through swap agreements, exposing investors to counterparty risk. 3) The fact sheet explicitly states 'Fully Collaterised Swap' as the replication method, confirming derivative usage. 4) The product is not UCITS compliant, which typically indicates higher complexity. 5) The risk profile is rated 7/7, the highest level, and the product is explicitly stated to be suitable only for informed investors with specific knowledge of financial markets. 6) The fact sheet warns about the risks of holding the product beyond the recommended 1-day holding period, indicating the complexity of its performance mechanics. 7) The product involves short exposure, which is inherently more complex than long exposure. While the product is fully collateralized, the combination of these factors clearly places it in the 'complex' category under MiFID II.",
    "confidence": 95
}