{
    "ucits": true,
    "type": "ETP",
    "leverage": true,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": "Leverage, Synthetic replication, Daily rebalancing compounding effect, Derivative use for leverage, High risk profile",
    "classification": "complex",
    "supporting_data": "The product is a Leverage Shares 2x Netflix ETP Securities, which provides 2 times the daily performance of Netflix equity, indicating leverage is embedded. The product uses derivatives to achieve this leverage, as it tracks a leveraged index and holds underlying assets in a margin account including collateral assets, implying synthetic replication rather than physical replication. The daily leverage rebalancing causes a compounding effect, which is complex and difficult for retail investors to understand. The product is non-interest bearing, not capital protected, and has a very high risk rating (7/7), reflecting high volatility and risk of significant loss. The KID explicitly states the product is 'not simple and may be difficult to understand,' confirming complexity. According to MiFID II rules and ESMA guidelines, leveraged products using derivatives as an inherent part of their strategy, especially synthetic replication and daily rebalancing, are classified as complex. The product's structure, use of derivatives for leverage, and risk profile all support a complex classification under MiFID II Article 254 and Delegated Regulation EU 2017/565 Article 57 criteria."
}