{
    "complex": true,
    "leverage": true,
    "derivatives": true,
    "swaps": false,
    "inverse": true,
    "replication_method": "physical",
    "ucits": false,
    "type": "ETP",
    "complex_factors": [
        "Inverse Exposure",
        "Leverage",
        "Compounding Effect",
        "Short Position Risk"
    ],
    "classification": "complex",
    "supporting_data": "The Leverage Shares -1x Netflix ETP is classified as complex due to its inverse exposure (-1x) to Netflix stock, which introduces significant complexity through daily rebalancing and the compounding effect. The product is designed to provide the opposite daily performance of Netflix, Inc., which requires sophisticated understanding of short selling, leverage, and the impact of compounding over time. The KIID explicitly states that the product is 'not simple and may be difficult to understand,' targeting only sophisticated investors. The high risk indicator (6 out of 7) and the warning about potential losses magnified by leverage further support this classification. Additionally, the product's structure involves holding short positions in Netflix stock, which introduces additional risks such as stock borrow costs and counterparty risks associated with short selling. The recommended holding period of 1 day underscores the complexity, as longer holding periods can lead to unexpected returns due to the compounding effect. The absence of capital protection and the potential for significant losses, even within a single day, add to the product's complexity.",
    "confidence": 95
}