{
    "type": "ETP",
    "leverage": true,
    "derivatives": true,
    "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 Ferrari (RACE) ETP is classified as complex due to several key factors. The product provides -3x the daily inverse performance of Ferrari NV stock, which introduces significant leverage and inverse exposure risks. The daily compounding effect, combined with high volatility, can lead to unexpected returns over longer holding periods. The risk indicator is rated 7 out of 7, the highest possible, indicating extreme risk. The product is explicitly stated to be unsuitable for retail investors without sophisticated knowledge, and the KIID warns that it is 'not simple and may be difficult to understand.' The physical replication method does not mitigate the complexity introduced by the leverage and inverse structure. Additionally, the product's performance is highly sensitive to market conditions, and the lack of capital protection further increases its complexity.",
    "confidence": 95
}