{
    "type": "ETP",
    "ucits": false,
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": true,
    "replication_method": "physical",
    "complex_factors": [
        "Inverse exposure",
        "Daily rebalancing compounding effects",
        "Short selling complexity"
    ],
    "classification": "complex",
    "supporting_data": "The Leverage Shares -1x Short Boeing ETP is classified as complex primarily due to its inverse exposure and the compounding effects of daily rebalancing. While it uses physical replication (short selling the underlying asset), the inverse nature and the requirement for sophisticated understanding of daily compounding make it complex under MiFID II. The product explicitly states it is not simple and may be difficult to understand, targeting only sophisticated investors. The high risk indicator (6 out of 7) and warnings about potential significant losses further support this classification. Although it doesn't use derivatives or swaps for replication, the short selling mechanism and daily rebalancing introduce complexity that requires specialist knowledge.",
    "confidence": 90,
    "counter_argument": "Some might argue that since the product uses physical replication (short selling) rather than derivatives, it could be considered non-complex. However, the inverse exposure and daily rebalancing effects create a non-linear relationship with the underlying asset that is difficult for retail investors to understand, which is a key factor in MiFID II's complexity assessment.",
    "risk_level": 6
}