{
    "ucits": false,
    "type": "ETP",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Not a UCITS; actively managed multi-asset ETP; invests in other ETPs (Reference Assets) with monthly rebalancing; structure and risks may be difficult for retail investors to understand; no capital protection; not principal protected; intended for investors with specific knowledge/experience; not eligible for execution-only under MiFID II.",
    "supporting_data": "The Vanilla Global Balanced ETP is not a UCITS but a collateralised, actively managed ETP investing in a diversified basket of other ETPs across asset classes and regions, with monthly rebalancing. The structure involves holding underlying assets (Reference Assets, cash, and ancillary assets) in a margin account, with the issueru2019s payment obligations funded by liquidating these assets. The ETP is non-interest bearing, not principal protected, and investors may lose some or all of their investment. The product is explicitly intended for retail investors with specific knowledge or experience in similar products and financial markets, and who can bear a total loss. The KID includes a comprehension alert ('You are about to purchase a product that is not simple and may be difficult to understand'), which is a strong indicator of complexity under MiFID II. The product does not use leverage or swaps, and there is no indication of synthetic replication or embedded derivatives. However, the active management, multi-asset exposure, rebalancing strategy, and explicit targeting of experienced investors all contribute to a structure and risk profile that is not easily understood by the average retail investor with basic knowledge. Under MiFID II, non-UCITS collective investment undertakings must be assessed against Article 57 criteria; this ETPu2019s complexity, lack of capital protection, and intended investor profile mean it does not qualify as non-complex and is not eligible for execution-only distribution.",
    "classification": "complex"
}