{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Daily Compounding",
        "High Risk",
        "Margin Borrowing"
    ],
    "classification": "complex",
    "supporting_data": "The product is a Collateralised Exchange Traded Security (ETP) designed to provide 3x the daily return of the SPDR S&P 500 ETF Trust through physical ownership of the underlying ETF shares combined with margin borrowing (leverage factor 3). The replication method is physical, with no use of swaps or derivative instruments as part of the investment strategy. However, the product uses leverage (3x) and daily rebalancing, which introduces complexity due to the compounding effect and magnified risk. The risk indicator is at the highest level (7/7), indicating very high risk and complexity. The product is not UCITS compliant and is intended only for sophisticated investors able to monitor their positions daily. There is no capital protection, and the product may result in significant losses, including total loss of investment. The margin borrowing and leverage, combined with daily compounding effects, are the main drivers of complexity under MiFID II. Although no swaps or derivatives are used inherently in the strategy, the leverage and structure classify it as complex. The product also carries counterparty risk related to the margin provider and issuer, and the compounding effect can cause returns over periods longer than one day to deviate significantly from the expected 3x multiple of the underlying ETF's performance."
}