{
    "type": "ETP",
    "ucits": false,
    "leverage": true,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Leverage",
        "Compounding Effect",
        "High Risk Profile",
        "Daily Rebalancing"
    ],
    "classification": "complex",
    "supporting_data": "The Leverage Shares 3x Long Moderna (MRNA) ETP Securities is classified as complex due to several key factors. The product offers 3x leveraged exposure to the daily performance of Moderna Inc. stock, which introduces significant complexity through the compounding effect and daily rebalancing. The high risk indicator (7 out of 7) and the potential for substantial losses, including the possibility of losing the entire investment, further support this classification. Additionally, the product is explicitly stated to be intended for sophisticated investors who understand the risks of leveraged products and can monitor their investments frequently. The use of margin (borrowing) to achieve the leveraged exposure also contributes to the complexity. While the replication method is physical, the leveraged nature and the associated risks make it a complex instrument under MiFID II regulations.",
    "confidence": 95
}