{
    "fund_name": "Leverage Shares -5x Short Nasdaq 100 ETP",
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "inverse": true,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [
        "Leverage (5x inverse)",
        "Short exposure",
        "Daily rebalancing with compounding effects",
        "High risk profile (Class 7/7)",
        "Intended for sophisticated investors only"
    ],
    "classification": "complex",
    "supporting_data": "The product is classified as complex due to its 5x inverse leverage structure, which magnifies both gains and losses. The daily rebalancing mechanism introduces compounding effects that make returns unpredictable over longer holding periods. The KIID explicitly states it is not suitable for retail investors and requires frequent monitoring. The risk indicator is at the highest level (7/7), and the product carries significant counterparty and market risks. While the replication method is physical (owning underlying assets), the leverage and inverse nature make it inherently complex under MiFID II rules. The PRIIPs KID reinforces this by emphasizing the product's suitability only for sophisticated traders who understand leverage and daily compounding.",
    "confidence": 95
}