{
    "fund_name": "Leverage Shares -3x Short Ferrari (RACE) ETP",
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "inverse": true,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [
        "Leverage (-3x)",
        "Inverse exposure",
        "Short position",
        "Daily rebalancing",
        "High volatility risk",
        "Not suitable for retail investors"
    ],
    "classification": "complex",
    "supporting_data": "The product is classified as complex due to its inverse leverage structure (-3x), which magnifies returns and risks. The ETP seeks to track the iSTOXX Inverse Leveraged -3x RACE Index, which provides -3x the daily performance of Ferrari NV ADR. The product is designed for sophisticated investors who can monitor their investment frequently and understand the risks of compounded returns. The risk indicator is rated 7 out of 7, indicating very high risk. The product is not suitable for retail investors and requires a very short investment horizon. The fact that it is a debt security (ETP) rather than a traditional ETF also contributes to its complexity. The product does not use derivatives or swaps for replication but instead holds physical short positions in the underlying asset. The high leverage and inverse nature of the product make it complex under MiFID II regulations.",
    "confidence": 95
}