{
    "type": "ETP",
    "ucits": false,
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Leverage",
        "Compounding Effect",
        "High Risk Profile"
    ],
    "classification": "complex",
    "supporting_data": "The Leverage Shares 2x Netflix ETP is classified as complex due to its 2x daily leverage, which introduces significant risks such as the compounding effect and high volatility. The product explicitly states it is not simple and may be difficult to understand, targeting only sophisticated investors. The risk indicator is the highest (7 out of 7), and the product involves daily rebalancing that can lead to unexpected returns over longer holding periods. While it uses physical replication, the leverage and associated risks make it unsuitable for retail investors without specialized knowledge.",
    "confidence": 95,
    "risk_level": 7,
    "counter_argument": "The ETP uses physical replication and does not explicitly use derivatives or swaps, which might suggest a non-complex classification. However, the leverage and compounding risks override this, as MiFID II considers such features inherently complex due to the potential for significant losses and the need for investor sophistication.",
    "additional_notes": "The product's high-risk profile, leverage, and compounding effects are the primary drivers of its complexity. The PRIIPs KID and factsheet reinforce that it is intended for sophisticated investors only, further supporting the complex classification."
}