{
    "ucits": false,
    "type": "ETP",
    "leverage": true,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": "Leverage, Derivatives, Compounding Effect, High Risk Profile, Non-UCITS Structure",
    "supporting_data": "The Leverage Shares 3x UBER ETP Securities are not UCITS-compliant and are classified as Exchange Traded Products (ETPs), not ETFs. The product uses significant leverage (3x daily performance of the underlying asset), which is a clear indicator of complexity under MiFID II, as leveraged products are generally considered complex due to the amplified risk and potential for rapid losses, especially over holding periods longer than one day. The product's return is achieved through synthetic replication (using derivatives to track the index), introducing counterparty risk and compounding effects that are difficult for retail investors to understand. The KID explicitly states the product is intended for sophisticated investors, highlights the very high risk (class 7/7), and warns that the product is not simple and may be difficult to understand. These featuresu2014leverage, synthetic replication, high risk, and non-UCITS structureu2014collectively make the product complex under MiFID II Article 57 and Delegated Regulation EU 2017/565, as they introduce risks and structural features beyond the understanding of an average retail investor with basic knowledge.",
    "classification": "complex"
}