{
    "fund_name": "Leverage Shares 3x Long Ferrari (RACE) ETP",
    "type": "ETP",
    "ucits": false,
    "leverage": true,
    "inverse": false,
    "derivatives": true,
    "swaps": false,
    "replication_method": "physical",
    "complex_factors": [
        "Leverage (3x)",
        "Daily rebalancing with compounding effect",
        "High risk profile (Class 7)",
        "Short-term holding recommendation (1 day)"
    ],
    "classification": "complex",
    "supporting_data": "The product is classified as complex under MiFID II due to several key factors: 1) It provides 3x daily leverage on Ferrari NV ADR, which introduces significant risk and complexity beyond simple index tracking. 2) The product's recommended holding period is just 1 day, with warnings that holding longer may result in returns differing significantly from the 3x leverage due to compounding effects. 3) The risk indicator is Class 7 (highest risk level), and the product is explicitly stated to be suitable only for sophisticated investors who can monitor positions frequently. 4) While the replication method is physical (owning the underlying asset with margin), the 3x leverage and daily rebalancing create a complex risk profile. 5) The PRIIPs KID and fact sheet emphasize that returns over periods longer than one day may not match the 3x leverage due to compounding, which requires specialized understanding. The combination of high leverage, short-term holding requirement, and complex return mechanics makes this product unsuitable for retail investors without specialized knowledge.",
    "confidence": 95
}