{
    "type": "ETP",
    "ucits": false,
    "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 3x Long Gold Miners ETP is classified as complex due to its 3x leverage, which amplifies both gains and losses. The product explicitly states that it is designed for sophisticated investors who understand the risks of leverage and daily rebalancing. The compounding effect, which can significantly alter returns over time, adds another layer of complexity. The high risk profile (rated 7 out of 7) and the potential for substantial losses further support this classification. While the replication method is physical, the leverage and associated risks make it unsuitable for retail investors without specialized knowledge.",
    "confidence": 95,
    "risk_level": 7,
    "comprehension_warning": true,
    "counter_argument": "The ETP uses physical replication and does not explicitly mention the use of derivatives or swaps, which might suggest a non-complex classification. However, the leverage factor and the compounding effect introduce significant complexity, overriding this argument.",
    "additional_notes": "The product is intended for sophisticated investors and includes a clear warning about the risks of leverage and compounding. The high risk rating and the potential for substantial losses further justify the complex classification under MiFID II."
}