{
    "type": "ETP",
    "ucits": false,
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": true,
    "replication_method": "physical",
    "complex_factors": [
        "Leverage",
        "Inverse Exposure",
        "Daily Compounding Effect",
        "High Risk Profile"
    ],
    "classification": "complex",
    "supporting_data": "The Leverage Shares -3x Short Tesla ETP is classified as complex due to its -3x inverse leverage, which introduces significant risk and requires sophisticated understanding of daily 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 extreme losses (e.g., -91.28% in stress scenarios) further support this classification. While the replication method is physical, the leverage and inverse exposure make it inherently complex under MiFID II rules. The product's structure, including daily rebalancing and the compounding effect, adds layers of complexity that retail investors may struggle to comprehend fully.",
    "confidence": 95,
    "counter_argument": "Some might argue that the physical replication method and the absence of explicit derivative usage could suggest non-complexity. However, the leverage and inverse exposure, combined with the high-risk profile and the need for daily monitoring, override these factors. The product's design inherently involves risks and mechanisms that are not easily understood by average retail investors, aligning with MiFID II's definition of complexity.",
    "risk_level": 7
}