{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": true,
    "complex_factors": [
        "Leverage",
        "Inverse Exposure",
        "Daily Rebalancing and Compounding Effects",
        "High Risk Level (7/7)",
        "Sophisticated Investor Targeting"
    ],
    "classification": "complex",
    "supporting_data": "The product is a Collateralised Exchange Traded Security (ETP) designed to provide -3x the daily return of the iShares MSCI India ETF, indicating triple leverage and inverse exposure. The replication method is physical, holding short positions in the underlying ETF stock and cash balances, with no indication of synthetic replication or swap usage. The product explicitly warns about the compounding effect due to daily leverage rebalancing, which can cause returns over periods longer than one day to deviate significantly from the expected -3x multiple. The risk indicator is at the highest level (7/7), reflecting very high risk and complexity. The product is intended for sophisticated investors who understand leverage, daily rebalancing, and compounded returns, and it is not principal protected. There is no capital protection or structured features such as barrier options. Costs are straightforward with no performance fees or swap fees. Despite the absence of derivatives or swaps as an inherent part of the strategy, the presence of leverage, inverse exposure, and the complexity arising from daily rebalancing and compounding effects drive the classification as complex under MiFID II. The product is not UCITS compliant and is structured as an ETP security rather than a traditional ETF. The PRIIPs KID and factsheet confirm no use of swaps or derivatives for replication, but the leverage and inverse nature, combined with the high risk and sophisticated investor warnings, justify the complex classification."
}