{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Daily Compounding",
        "High Risk",
        "Sophisticated Investor Requirement"
    ],
    "classification": "complex",
    "supporting_data": "The product is a Collateralised Exchange Traded Security (ETP) that provides 3x daily leveraged exposure to Uber Technologies, Inc. stock. It physically owns the underlying shares and uses margin borrowing to achieve leverage, with no use of derivatives or swap agreements. The replication method is physical, with direct ownership of the underlying asset. The product explicitly states a leverage factor of 3x and daily rebalancing, which introduces a compounding effect that can cause returns over periods longer than one day to deviate significantly from the simple leveraged multiple of the underlying asset's return. The risk indicator is at the highest level (7/7), indicating very high risk. The product is intended only for sophisticated investors who understand leverage, daily rebalancing, and compounding risks, and who can monitor their positions frequently. There is no capital protection, and investors can lose all their investment. The product is not UCITS compliant. There is no mention of swap agreements, total return swaps, or derivative instruments used for replication, and no counterparty risk related to derivatives is disclosed. The complexity arises primarily from the leverage, daily compounding, and the sophisticated nature of the product rather than derivative or swap usage. The PRIIPs KID and factsheet confirm physical replication and margin borrowing as the leverage mechanism. The product's complexity is driven by the leverage and the risk profile, not by derivative or swap usage."
}