{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": true,
    "complex_factors": [
        "Leverage",
        "Inverse Exposure",
        "Daily Rebalancing and Compounding",
        "Short Selling",
        "High Risk Level 7"
    ],
    "classification": "complex",
    "supporting_data": "The product is a Collateralised Exchange Traded Security (ETP) that physically holds short positions in Palantir Technologies Inc. stock, with no use of synthetic replication or swaps. The replication method is physical, with direct ownership of underlying assets. However, the product provides -1x daily inverse exposure, i.e., it is a short leveraged product with a leverage factor of -1, which inherently introduces complexity. The product involves daily rebalancing and compounding effects that can cause returns over periods longer than one day to deviate significantly from the simple inverse of the underlying asset's performance. The risk indicator is at the highest level 7 out of 7, indicating very high risk. The product is intended for sophisticated investors who understand leverage, inverse exposure, and the risks of compounding. There is no capital protection, and investors may lose all their investment. No derivatives or swaps are used as part of the investment strategy, but the short selling and leverage features themselves are complexity drivers. The product is not UCITS compliant. The complexity arises primarily from the leveraged inverse exposure, daily rebalancing, and the short selling mechanism, which are difficult for retail investors to understand and monitor. The PRIIPs KID and factsheet confirm no swap usage and physical replication, but the leverage and inverse nature classify it as complex under MiFID II."
}