{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": true,
    "complex_factors": [
        "Leverage",
        "Inverse Exposure",
        "Daily Rebalancing and Compounding",
        "High Risk Level 7",
        "Short Investment Horizon",
        "Potential for Significant Losses",
        "Compounding Effect",
        "Sophisticated Investor Requirement"
    ],
    "classification": "complex",
    "supporting_data": "The product is a Collateralised Exchange Traded Security (ETP) that seeks to provide -3 times the daily performance of the Financial Select Sector SPDR Fund, indicating triple leverage and inverse exposure. The replication method is physical, with full ownership of underlying assets, and no use of swaps or derivatives as part of the investment strategy. However, the product uses daily leverage and inverse exposure, which are complexity triggers under MiFID II. The risk indicator is at the highest level 7 out of 7, reflecting very high risk and complexity. The product is intended for sophisticated investors able to monitor positions daily and understand the compounding effects of leverage and inverse returns. The product is not UCITS compliant. There is no capital protection, and the product may result in significant losses, including total loss of investment. The compounding effect and daily rebalancing introduce complexity in understanding returns over periods longer than one day. The PRIIPs KID and factsheet confirm no use of swaps or derivatives for replication, but leverage and inverse exposure are inherent. The product carries warnings about the difficulty of understanding and the need for specific investment knowledge, further supporting the complex classification. Although derivatives are not used for replication, the leverage and inverse nature, combined with daily rebalancing and compounding effects, make the product complex under MiFID II."
}