{
    "fund_name": "Leverage Shares 3x Long Moderna (MRNA) ETP Securities",
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "inverse": false,
    "derivatives": true,
    "swaps": false,
    "complex_factors": [
        "Leverage (3x)",
        "Daily rebalancing",
        "High volatility risk",
        "Short-term holding recommendation"
    ],
    "classification": "complex",
    "supporting_data": "The product is classified as complex under MiFID II due to several key factors: 1) It provides 3x daily leverage, which significantly amplifies risk and requires sophisticated understanding. 2) The recommended holding period is only 1 day, indicating high volatility and compounding effects that are difficult for retail investors to comprehend. 3) The risk indicator is class 7 (highest risk level), and the product explicitly states it is not suitable for retail investors without sophisticated knowledge. 4) While it uses physical replication, the leveraged nature and daily rebalancing create complexity beyond standard ETFs. 5) The fact sheet confirms the use of margin (borrowing) to achieve leverage, which introduces additional risks. The combination of these factors makes the product unsuitable for retail investors without specialized knowledge, meeting the criteria for a complex financial instrument under MiFID II.",
    "confidence": 95
}