{
    "ucits": false,
    "type": "ETP",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": true,
    "replication_method": "synthetic",
    "complex_factors": "Leverage, Swaps, Synthetic Replication, Compounding Effect, High Risk Profile, No Capital Protection, Intended for Sophisticated Investors",
    "classification": "complex",
    "supporting_data": "The Leverage Shares -3x Short Ferrari (RACE) ETP Securities are not UCITS-compliant and are classified as Exchange Traded Products (ETPs). They employ significant leverage (-3x daily), use swaps and synthetic replication to achieve their investment objective, and are explicitly inverse products. The structure introduces compounding effects, counterparty risk (via swaps), and a high risk profile (risk indicator 7/7), with no capital protection. The product is intended for sophisticated investors who can monitor their investment frequently and understand the risks of compounded returns and leverage. These features make the product's structure, risks, and payoff difficult for retail investors with basic knowledge to understand, failing the MiFID II Article 57 criteria for non-complex instruments. The KID explicitly states: 'You are about to purchase a product that is not simple and may be difficult to understand,' confirming the complex classification. The presence of leverage, synthetic replication, swaps, and the intended investor profile all contribute to the determination that this ETP is complex under MiFID II."
}