{
    "complex": true,
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": false,
    "type": "ETP",
    "complex_factors": [
        "Leverage",
        "Compounding Effect",
        "High Risk Profile"
    ],
    "classification": "complex",
    "supporting_data": "The Leverage Shares 3x Amazon ETP is classified as complex due to its 3x leverage, which introduces significant risk and complexity. The product explicitly states it is not simple and may be difficult to understand, with a risk indicator of 7 out of 7. The compounding effect from daily leverage rebalancing can lead to unexpected returns, especially over longer holding periods. The product is designed for sophisticated investors who understand leverage and can monitor their investment daily. Additionally, the high-risk nature and potential for substantial losses further contribute to its complexity.",
    "confidence": 95,
    "counter_argument": "The ETP uses physical replication and does not explicitly mention the use of derivatives or swaps, which might suggest it is non-complex. However, the leverage factor of 3x and the associated risks, including the compounding effect and high volatility, outweigh this argument. The product's high-risk profile and the need for sophisticated understanding make it complex under MiFID II regulations.",
    "risk_level": "Very High (7/7)"
}