{
    "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 seeks to provide 3x the daily return of the iShares MSCI China ETF through physical ownership of the underlying ETF shares combined with margin borrowing (leverage factor 3). The replication method is physical, with no indication of synthetic replication or use of swaps or derivatives as part of the investment strategy. However, the product uses leverage (3x) and daily rebalancing, which introduces complexity due to the compounding effect and amplified risk. 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 it is explicitly stated that holding the product for more than one day can lead to returns that differ significantly from the expected 3x multiple due to compounding. There is no capital protection, and investors can lose their entire investment. The product is not UCITS compliant. No swaps or derivative instruments are used inherently in the strategy, but leverage is achieved through margin borrowing. The PRIIPs KID and factsheet confirm physical replication and leverage usage without synthetic structures or swaps. The complexity arises primarily from the leverage, daily compounding, and risk profile rather than derivative or swap usage. The product carries a comprehension warning and is not suitable for retail investors without specific knowledge, reinforcing its complex classification under MiFID II."
}