{
    "ucits": false,
    "type": "ETP",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": "Leverage, Swaps, Compounding Effect, High Risk Profile, No Capital Protection, Complex Payoff Structure",
    "classification": "complex",
    "supporting_data": "The Leverage Shares 3x Boeing ETP Securities are not UCITS-compliant and are classified as Exchange Traded Products (ETPs). They employ significant leverage (3x daily performance of the underlying asset), which is a clear indicator of complexity under MiFID II, as leveraged products are generally considered complex due to the amplified risk and potential for rapid losses, especially over holding periods longer than one day. The product uses swaps or other synthetic replication methods to achieve its leveraged exposure, introducing counterparty risk and compounding effects that are difficult for retail investors to understand. The KID explicitly states that the product is intended for sophisticated investors, warns of the risk of losing the entire investment, and highlights the compounding effect, which can lead to returns that differ significantly from a simple multiple of the underlying asset's performance. The risk indicator is the highest possible (7/7), and there is no capital protection. These featuresu2014leverage, synthetic replication, complex payoff structure, high risk, and lack of capital protectionu2014collectively make this ETP complex under MiFID II, regardless of the transparency of the underlying index or the simplicity of the objective (tracking a single stock)."
}