{
    "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, Not UCITS Compliant",
    "supporting_data": "The Leverage Shares 3x Long Mercedes Benz (MBG) ETP Securities are leveraged products designed to deliver 3 times the daily performance of the underlying asset, which introduces significant compounding effects and magnifies both gains and losses. The product is not a UCITS and does not benefit from the UCITS presumption of non-complexity. It uses physical replication (holding the underlying asset and cash as collateral), but the leverage is achieved through daily rebalancing, which is a complex feature that retail investors may not easily understand. The product carries the highest risk indicator (7/7), offers no capital protection, and is intended for sophisticated investors with a very short investment horizon. The structure, risk profile, and intended investor base all indicate that this ETP is complex under MiFID II, as it involves features (leverage, compounding, high risk) that go beyond what a retail investor with basic knowledge could reasonably be expected to understand. The productu2019s KID includes a comprehension alert, further signaling its complexity. Under MiFID II, such leveraged ETPs are generally considered complex due to their non-linear payoff, daily rebalancing, and the potential for significant losses exceeding the initial investment, especially if held for more than one day.",
    "classification": "complex"
}