{
    "type": "ETP",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": true,
    "replication_method": "physical",
    "ucits": false,
    "complex_factors": [
        "Leverage",
        "Inverse Exposure",
        "Daily Compounding Effect",
        "High Risk Profile"
    ],
    "classification": "complex",
    "supporting_data": "The Leverage Shares -3x Short Apple (AAPL) ETP is classified as complex due to its -3x inverse leverage, which introduces significant risk and requires sophisticated understanding. The product uses physical replication but incorporates daily rebalancing to maintain the -3x inverse exposure, leading to compounding effects that can result in unexpected returns over longer holding periods. The high risk indicator (7 out of 7) and the explicit warnings about potential losses and the need for daily monitoring further support this classification. The product is not UCITS-compliant and is intended for sophisticated investors only.",
    "confidence": 95,
    "risk_level": 7,
    "counter_argument": "While the ETP uses physical replication and does not explicitly mention derivatives or swaps, the inverse leverage and daily compounding effects introduce complexity that requires specialist knowledge to understand fully. The high risk profile and the potential for significant losses due to the leverage factor outweigh the simplicity of physical replication.",
    "comprehension_warning": true
}