{
    "leverage": true,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": false,
    "type": "ETP",
    "complex_factors": "Leverage, Derivatives, Compounding Effect, High Risk Profile, No Capital Protection, Not UCITS",
    "classification": "complex",
    "supporting_data": "The Leverage Shares 2x Visa ETP Securities are leveraged (2x daily performance), use derivatives to achieve their objective, and are not UCITS-compliant. The product's return is subject to a compounding effect, which introduces additional risk and complexity, especially over holding periods longer than one day. The KID explicitly states the product is not simple and may be difficult to understand, is intended for sophisticated investors, and carries a high risk indicator (6/7). There is no capital protection, and the product is not protected by any investor compensation scheme. These featuresu2014leverage, derivative use, compounding, high risk, lack of capital protection, and non-UCITS statusu2014collectively make the product complex under MiFID II, as it fails the criteria for non-complex instruments outlined in Article 57 of the MiFID II Delegated Regulation. The structure and risks are not easily understood by retail investors with basic knowledge, which is a key determinant of complexity under MiFID II."
}