{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "inverse": true,
    "derivatives": false,
    "swaps": false,
    "complex_factors": [
        "Leverage",
        "Inverse Exposure",
        "Daily Compounding",
        "Short Selling"
    ],
    "classification": "complex",
    "supporting_data": "The product is a Collateralised Exchange Traded Security (ETP) that seeks to provide -1 times the daily return of Uber Technologies, Inc. stock, i.e., an inverse leveraged exposure with a leverage factor of -1. The replication method is physical, holding short positions in the underlying Uber stock and cash balances, with no indication of synthetic replication or swap usage. The product involves daily rebalancing and compounding effects, which can cause returns over periods longer than one day to deviate significantly from the simple inverse of the underlying asset's return. The risk indicator is high (6 out of 7), reflecting the amplified risk due to leverage and inverse exposure. The product is not UCITS compliant and is intended for sophisticated investors able to monitor positions daily. There is no capital protection, and the product may be difficult to understand due to the leverage, inverse exposure, and compounding effects. No derivatives or swap agreements are used inherently in the strategy, but the short selling and leverage features themselves trigger complexity under MiFID II. The PRIIPs KID and factsheet confirm no swap usage and physical shorting of the underlying stock. The complexity arises primarily from the leverage, inverse exposure, and the daily compounding effect, which can lead to unexpected returns for retail investors holding the product beyond one day. The product also carries significant counterparty risk related to the collateral and margin account but no explicit swap counterparty risk. Overall, the product is classified as complex due to its leveraged inverse nature, daily rebalancing, and the risks and understanding required by investors."
}