{
    "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 AMD ETP is classified as complex due to its 3x leverage, which amplifies both gains and losses, making it unsuitable for retail investors without sophisticated knowledge. The compounding effect from daily rebalancing further complicates its performance, especially over longer holding periods. The high risk profile (rated 7 out of 7) and the explicit warning that the product is 'not simple and may be difficult to understand' reinforce its complexity. While it uses physical replication and does not explicitly mention derivatives or swaps, the leverage and associated risks make it inherently complex under MiFID II.",
    "confidence": 95,
    "risk_level": 7,
    "counter_argument": "The ETP uses physical replication and does not explicitly rely on derivatives or swaps, which might suggest a non-complex classification. However, the leverage and compounding effects introduce significant complexity, overriding the simplicity of the replication method.",
    "comprehension_warning": true
}