{
    "leverage": true,
    "derivatives": true,
    "swaps": false,
    "inverse": true,
    "replication_method": "physical",
    "ucits": false,
    "type": "ETP",
    "complex_factors": "Leverage, Inverse, Daily Rebalancing, Compounding Effect, High Risk Profile, No Capital Protection, Intended for Sophisticated Investors, Not UCITS Compliant",
    "supporting_data": "The Leverage Shares -3x Short Germany 40 ETP Securities are designed to deliver -3 times the daily performance of the iShares Core DAX UCITS ETF, using leverage and daily rebalancing, which introduces significant compounding effects and magnifies risk, especially over holding periods longer than one day. The product is not UCITS compliant, is not principal protected, and is explicitly intended for sophisticated investors who can monitor their investment frequently and understand the risks of leveraged and inverse products. The structure involves holding collateral assets in a margin account, with the issuer's payment obligations funded by liquidating these assets, introducing additional risks such as issuer default and collateral risk. The product carries a high risk indicator (6 out of 7), reflecting the potential for substantial losses. The recommended holding period is one day, further underscoring the product's complexity and unsuitability for retail investors with basic knowledge. These featuresu2014leverage, inverse exposure, daily rebalancing, compounding, high risk, lack of capital protection, and targeting sophisticated investorsu2014collectively make this ETP complex under MiFID II, as it would not meet the criteria for non-complex instruments under Article 57 of the MiFID II Delegated Regulation (e.g., frequent opportunities to dispose, no excess liability, comprehensive and understandable information).",
    "classification": "complex"
}