{
    "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 Long US 500 ETP is classified as complex due to its 3x leverage factor, which amplifies both gains and losses, and the compounding effect that results from daily rebalancing. The product is designed for sophisticated investors who understand the risks of leverage and daily rebalancing. The high risk indicator (7 out of 7) and the warning that the product is not simple and may be difficult to understand further support this classification. Additionally, the product's structure, which involves borrowing to achieve leverage, introduces complexity beyond standard ETFs.",
    "confidence": 95,
    "counter_argument": "While the ETP uses physical replication and does not explicitly mention derivatives or swaps, the leverage and compounding effects introduce significant complexity. The high risk profile and the need for sophisticated investors to understand the product's mechanics override any arguments for a non-complex classification.",
    "risk_level": 7,
    "comprehension_warning": true,
    "capital_protection": false,
    "liquidity_risk": "The product may not be readily sold, and the value may be substantially less than the purchase price, indicating potential liquidity issues."
}