{
    "ucits": false,
    "type": "ETP",
    "leverage": true,
    "derivatives": true,
    "swaps": false,
    "inverse": true,
    "replication_method": "synthetic",
    "complex_factors": "Leverage, Derivatives, Inverse, Synthetic Replication, Compounding Effect, High Risk Profile, No Capital Protection, Intended for Sophisticated Investors",
    "supporting_data": "The Leverage Shares -3x Short Oil & Gas ETP Securities are not UCITS-compliant. They are leveraged (-3x daily), use derivatives to achieve their investment objective, and are inverse products. The replication method is synthetic, as the return is achieved through a combination of securities loans, cash balances, and collateral assets, not by holding the underlying securities directly. The product is intended for sophisticated investors, has no capital protection, and carries a very high risk (risk indicator 7/7). The compounding effect means returns over periods longer than one day will differ from -3x the daily performance of the reference asset, adding further complexity. The structure, risks, and payoff are not easily understood by retail investors with basic knowledge, and the product documentation includes a comprehension alert, indicating it is not simple and may be difficult to understand. These featuresu2014leverage, derivative use, synthetic replication, inverse strategy, high risk, and lack of capital protectionu2014are all factors that, under MiFID II Article 57 and ESMA guidelines, render the product complex. The product does not meet the criteria for non-complex classification, as it involves actual or potential liability beyond the cost of acquisition, uses derivatives integral to the strategy, and has a structure and risk profile that are not transparent or easily understood by the average retail client.",
    "classification": "complex"
}