{
    "type": "ETP",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": true,
    "replication_method": "physical",
    "ucits": false,
    "complex_factors": [
        "Leverage",
        "Inverse Exposure",
        "Compounding Effect",
        "High Risk Profile"
    ],
    "classification": "complex",
    "supporting_data": "The Leverage Shares -3x Short Taiwan Semiconductor (TSM) ETP is classified as complex due to its -3x inverse leverage, 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 substantial losses due to leverage and inverse exposure further support this classification. While the replication method is physical, the leverage and inverse nature make it inherently complex under MiFID II rules.",
    "confidence": 95,
    "risk_level": 7,
    "comprehension_warning": true,
    "counter_argument": "The ETP uses physical replication and does not explicitly rely on derivatives or swaps, which might suggest a non-complex classification. However, the leverage and inverse exposure, combined with the compounding effect and high-risk profile, override this argument, as these factors introduce significant complexity and risk that require specialist knowledge to understand fully."
}