{
    "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",
    "supporting_data": "The Leverage Shares 3x Long South Korea ETP Securities are not UCITS-compliant and are explicitly described as intended for sophisticated investors who can monitor their investment frequently and understand the risks of compounded returns and leverage. The product provides 3 times the daily performance of the Reference Asset (iShares MSCI South Korea ETF), which is achieved through leverage and the use of derivatives, as indicated by the compounding effect and the explicit warning that the product is not simple and may be difficult to understand. The structure involves holding the Reference Assets, cash balances, and ancillary assets in a margin account, with the issueru2019s payment obligations funded by liquidating these collateral assets. The product is non-interest bearing, not principal protected, and carries the highest risk indicator (7/7). The recommended holding period is 1 day due to the compounding effect, which can significantly distort returns over longer periods, especially in volatile markets. The product documentation clearly states that retail investors may lose some or all of their investment, and there is no protection under any investor compensation scheme. These featuresu2014significant leverage, derivative use for achieving the investment objective, high risk, lack of capital protection, and complexity of the payoff structureu2014are all hallmarks of a complex financial instrument under MiFID II, as per Article 57 of the Delegated Regulation and ESMA guidance. The productu2019s structure, risks, and intended investor base make it unsuitable for classification as non-complex, regardless of the transparency of the underlying index or the physical replication method.",
    "classification": "complex"
}