{
    "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, Intended for Sophisticated Investors",
    "classification": "complex",
    "supporting_data": "The Leverage Shares 3x Long Silver ETP Securities are not UCITS-compliant and are explicitly intended for sophisticated investors, not the average retail client. The product uses significant leverage (3x daily performance of the underlying asset), which introduces compounding effects and magnifies both gains and losses, especially over holding periods longer than one day. The ETP is non-interest bearing, offers no capital protection, and investors may lose their entire investment. The risk indicator is class 7 out of 7, the highest possible, reflecting the potential for very high losses. The productu2019s structure, risk profile, and intended investor base make it difficult for a retail investor with basic knowledge to understand the risks involved. The presence of leverage and the use of derivatives (implied by the leveraged strategy) are central to the productu2019s design and risk, which are hallmarks of complexity under MiFID II. The productu2019s documentation includes a comprehension alert, further signaling its complexity. These features collectively override any presumption of non-complexity and require an appropriateness assessment under MiFID II."
}