{
    "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",
    "classification": "complex",
    "supporting_data": "The Leverage Shares 3x Long UBS ETP Securities are not UCITS-compliant and are explicitly described as intended for sophisticated investors due to their leveraged structure, which seeks to deliver 3 times the daily performance of the underlying asset. This daily leverage rebalancing introduces a compounding effect that can significantly alter returns over time, especially in volatile markets, and is not easily understood by retail investors. The product does not offer capital protection, and investors may lose their entire investment. The risk indicator is class 7 out of 7, the highest possible, reflecting both market and structural complexity. The use of leverage is central to the productu2019s strategy, not merely for efficient portfolio management. The productu2019s structure, risks, and intended investor base all indicate that it is complex under MiFID II, as it does not meet the criteria for non-complex instruments under Article 57 of the Delegated Regulation. The KID includes a comprehension alert, further confirming its complex nature. The productu2019s featuresu2014significant leverage, no capital protection, high risk, and targeting sophisticated investorsu2014are clear indicators of complexity under MiFID II rules."
}