{
    "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, Complex Payoff Structure",
    "supporting_data": "The Leverage Shares 3x Long China Tech ETP Securities are leveraged products (3x daily exposure), which is a clear indicator of complexity under MiFID II. The product uses derivatives to achieve its leveraged exposure, introducing risks such as compounding effects, counterparty risk, and the potential for losses exceeding the initial investment. The product is not UCITS-compliant and is structured as collateralized exchange-traded securities, not as a fund. The payoff structure is complex due to daily rebalancing and compounding, making it difficult for retail investors to understand the risks and potential outcomes, especially over holding periods longer than one day. The product is explicitly intended for sophisticated investors, carries the highest risk indicator (7/7), and does not offer capital protection. These features collectively make the product complex under MiFID II, as it fails multiple criteria for non-complex classification, particularly regarding leverage, derivative use, and ease of understanding for retail investors.",
    "classification": "complex"
}