{
    "type": "ETP",
    "ucits": false,
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": true,
    "replication_method": "physical",
    "complex_factors": [
        "Inverse Exposure",
        "Leverage",
        "Daily Compounding Effect"
    ],
    "classification": "complex",
    "supporting_data": "The Leverage Shares -2x Short WTI Oil ETP is classified as complex due to its inverse leverage structure (-2x daily performance of the United States Oil Fund LP), which introduces significant complexity through daily rebalancing and compounding effects. The product explicitly states it is not simple and may be difficult to understand, targeting only sophisticated investors. The high risk indicator (7/7) and the potential for magnified losses further support this classification. While the replication method is physical, the inverse leverage and compounding risks make it inherently complex under MiFID II rules.",
    "confidence": 95,
    "risk_level": 7,
    "counter_argument": "The ETP uses physical replication and does not explicitly use derivatives or swaps, which might suggest non-complexity. However, the inverse leverage and daily compounding effects introduce significant complexity that requires specialist knowledge to understand, overriding the physical replication aspect.",
    "comprehension_warning": true
}