{
    "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 Collateralised Exchange Traded Security (ETP) designed to provide 3x the daily performance of the MERCEDES-BENZ GROUP AG equity security. It uses physical replication by directly owning the underlying shares and employs margin borrowing to achieve leverage. There is no use of synthetic replication, swaps, or derivative instruments as part of the investment strategy, confirmed by the factsheet stating 'Physical (Underlying Assets Owned)' and no mention of swap agreements or total return swaps. The product exhibits explicit leverage (3x), daily rebalancing, and compounding effects, which significantly increase complexity and risk. The risk indicator is at the highest level 7/7, indicating very high risk. The product is not UCITS compliant and is intended for sophisticated investors able to monitor positions daily. The compounding effect and leverage mean returns over periods longer than one day may differ significantly from the underlying asset's performance multiplied by three, adding to complexity. There are no capital protection features, but the leverage and daily reset mechanism, combined with margin borrowing, make the product complex under MiFID II. The PRIIPs KID and factsheet confirm no derivative or swap usage for replication, but leverage and margin usage are key complexity drivers. The product is classified as complex due to its leveraged nature, daily compounding, and margin borrowing, despite physical replication and no derivative usage for replication."
}