{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Daily Compounding",
        "Margin Borrowing"
    ],
    "classification": "complex",
    "supporting_data": "The product is a 3x leveraged ETP that physically holds the underlying Coinbase Global, Inc. (COIN) stock and uses margin borrowing to achieve leverage. There is no indication of synthetic replication or use of swaps or derivatives as part of the investment strategy. The leverage factor is explicitly 3x, with daily rebalancing and compounding effects that can cause returns over periods longer than one day to deviate significantly from 3x the underlying asset's return. The product is classified as a Collateralised Exchange Traded Security (ETP), not a UCITS fund. The risk indicator is at the highest level 7/7, reflecting the high risk and complexity due to leverage and compounding. The product is intended for sophisticated investors able to monitor positions daily and understand the risks of leverage and compounding. The absence of swaps or derivatives used for investment purposes means 'derivatives' and 'swaps' are false, but leverage and daily compounding are complexity drivers. The product is not capital protected and may result in total loss of investment. The complexity arises primarily from the leverage, daily compounding, margin borrowing, and the sophisticated risk profile rather than derivative or swap usage. The PRIIPs KID and factsheet confirm physical replication and margin use, no synthetic replication or swap usage. The product is not UCITS compliant and is an ETP security. The complexity is driven by leverage and the product structure rather than derivative instruments."
}