{
    "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 Facebook 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 the highest level (7 out of 7), and the product's performance is highly sensitive to daily market movements, making it unsuitable for retail investors without specialized knowledge. While the replication method is physical, the leverage and associated risks outweigh this factor.",
    "confidence": 95,
    "risk_level": 7,
    "comprehension_warning": true,
    "counter_argument": "The ETP uses physical replication and does not explicitly rely on derivatives or swaps for its leverage, which might suggest a non-complex classification. However, the high leverage (3x) and the compounding effect introduce complexities that require sophisticated understanding, making it unsuitable for retail investors under MiFID II rules.",
    "final_reasoning": "The primary driver for the 'complex' classification is the 3x leverage, which introduces significant risks and complexities such as the compounding effect and high volatility. The product is explicitly marketed to sophisticated investors and carries the highest risk rating, reinforcing its classification as complex under MiFID II."
}