{
    "leverage": true,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": false,
    "type": "ETP",
    "complex_factors": "Leverage, Daily Rebalancing, Compounding Effect, No Capital Protection, High Risk Profile, Intended for Sophisticated Investors",
    "classification": "complex",
    "supporting_data": "The Leverage Shares 2x Alphabet ETP Securities are not UCITS-compliant and are explicitly structured to provide 2x the daily performance of the underlying asset, which introduces significant leverage and a compounding effect that can result in returns that differ substantially from twice the underlying asset's return over any period longer than one day. The product is non-interest bearing, offers no capital protection, and is intended for sophisticated investors who can monitor their investment frequently and understand the risks of leveraged products. The KID explicitly states that the product is not simple and may be difficult to understand, and it carries a high risk indicator (6 out of 7). These featuresu2014leverage, daily rebalancing, compounding, lack of capital protection, and a complex risk-return profileu2014clearly place this ETP in the 'complex' category under MiFID II, as it would not meet the criteria for non-complex instruments under Article 57 of the Delegated Regulation. The product's structure and risks are not easily understood by the average retail investor, and it is explicitly marketed to sophisticated investors with a very short investment horizon, further supporting the complex classification."
}