{
    "fund_name": "Leverage Shares 3x Long Oil & Gas ETP",
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [
        "Leverage (3x)",
        "Short-term holding recommendation",
        "High risk profile (Class 7/7)",
        "Potential compounding effect"
    ],
    "classification": "complex",
    "supporting_data": "The product is classified as complex primarily due to its 3x leverage, which magnifies both gains and losses and requires daily monitoring. The KIID explicitly states it is 'not simple and may be difficult to understand,' and the risk indicator is at the highest level (7/7). While the replication method is physical (owning the underlying asset), the leverage and compounding effect introduce significant complexity. The recommended holding period of 1 day and the warning that returns over longer periods may differ from 3x the underlying performance further support this classification. The PRIIPs KID and factsheet confirm the high-risk nature and the need for sophisticated investors to monitor positions intraday. The absence of derivatives or swaps does not mitigate the complexity due to the leverage and compounding risks.",
    "confidence": 95
}