{
    "type": "ETP",
    "ucits": true,
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Leverage",
        "Compounding Effect",
        "High Risk Profile"
    ],
    "classification": "complex",
    "supporting_data": "The Leverage Shares 5x Long Nasdaq 100 ETP is classified as complex due to its 5x leverage, which introduces significant risk and complexity. The product's daily rebalancing and compounding effect make it difficult for retail investors to understand the potential outcomes over longer holding periods. The high risk indicator (7 out of 7) and the explicit warning that the product is not simple and may be difficult to understand further support this classification. While the replication method is physical, the leverage and associated risks are the primary drivers of complexity. The product is intended for sophisticated investors who can monitor their investment frequently and understand the risks involved.",
    "confidence": 95,
    "counter_argument": "The product uses physical replication and does not explicitly mention the use of derivatives or swaps, which could suggest a non-complex classification. However, the leverage factor of 5x and the associated risks, including the compounding effect and high volatility, outweigh this argument. The explicit warnings and the high risk profile indicate that the product is complex under MiFID II regulations.",
    "risk_level": "Very High (7 out of 7)"
}