{
    "fund_name": "Leverage Shares 5x Long S&P 500 ETP",
    "type": "ETP",
    "ucits": true,
    "replication_method": "physical",
    "leverage": true,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [
        "Leverage (5x)",
        "Daily rebalancing with compounding effect",
        "High risk profile (Class 7/7)",
        "Short-term holding recommendation (1 day)"
    ],
    "classification": "complex",
    "supporting_data": "The product is classified as complex primarily due to its 5x leverage, which magnifies both gains and losses, and the associated daily rebalancing that can lead to compounding effects. The KIID explicitly states that the product is not simple and may be difficult to understand, and it is intended for sophisticated investors who can monitor their investment frequently. The risk indicator is at the highest level (7/7), and the product carries significant risks, including the potential for substantial losses. The fact sheet confirms the physical replication method but highlights the high leverage and the need for daily monitoring, reinforcing the complexity. The PRIIPs KID would likely contain a comprehension warning, further indicating complexity under MiFID II rules. While the replication is physical, the leverage and the associated risks make this product unsuitable for retail investors without specialized knowledge.",
    "confidence": 95
}