{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Daily Compounding",
        "Margin Borrowing",
        "High Risk Profile"
    ],
    "classification": "complex",
    "supporting_data": "The product is a Collateralised Exchange Traded Security (ETP) that seeks to provide 3x the daily performance of Alphabet, Inc. stock by physically owning the underlying shares and using margin borrowing to achieve leverage. The replication method is physical, with no indication of synthetic replication or swap usage. There is no use of derivatives or swap agreements as part of the investment strategy, and the product does not employ inverse exposure. However, the product uses leverage of 3x daily, with daily rebalancing and compounding effects that significantly increase complexity and risk. The risk indicator is at the highest level (7/7), reflecting the magnified losses and the sophisticated understanding required to manage the product. The product is not UCITS compliant, and the documentation explicitly states it is intended for sophisticated investors who can monitor their positions daily and understand the risks of leverage and compounding. The margin borrowing and daily leveraged exposure, combined with the compounding effect, are key complexity drivers under MiFID II. Although no derivatives or swaps are used, the leverage and structure classify this product as complex. The PRIIPs KID and factsheet confirm no swap usage and physical ownership of the underlying, but leverage and daily compounding remain complexity factors. The product also carries a comprehension warning and is not suitable for retail investors without specific knowledge, reinforcing the complex classification."
}