{
    "type": "ETP",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": false,
    "complex_factors": [
        "Leverage",
        "Compounding Effect",
        "High Risk Profile"
    ],
    "classification": "complex",
    "supporting_data": "The Leverage Shares 3x Microsoft ETP is classified as complex due to its 3x 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 at the highest level (7 out of 7), and the product's performance can deviate significantly from the underlying asset over time due to daily rebalancing. While it uses physical replication, the leverage and associated risks make it unsuitable for retail investors without specialized knowledge.",
    "confidence": 95,
    "risk_level": 7,
    "comprehension_warning": true,
    "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 these factors introduce complexity that requires sophisticated understanding.",
    "additional_notes": "The product's factsheet and KIID both emphasize the need for daily monitoring and sophisticated investor knowledge, reinforcing its complex nature under MiFID II. The high risk level and potential for significant losses further support this classification."
}