{
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": true,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Swap Usage",
        "Daily Reset Compounding",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The product is a collateralised Exchange Traded Product (ETP) that seeks to replicate 3x the daily performance of Tesla Inc via the Solactive Daily Leveraged 3x Long Tesla Inc Index. It uses a swap agreement with Natixis as the swap provider, indicating synthetic replication. The swap is collateralised but exposes investors to counterparty risk. The product employs daily leverage with a 3x factor and daily reset, causing compounding effects that can significantly deviate returns over periods longer than one day. The risk indicator is at the highest level (7/7), reflecting very high risk and complexity. The product is not UCITS compliant. The KIID and factsheet explicitly warn that the product is not simple, requires specific knowledge, and is suitable only for sophisticated investors. The presence of leverage, synthetic replication via swaps, counterparty risk, and complex daily compounding effects all drive the classification as complex under MiFID II. There is no capital protection, and the product can result in total loss of invested capital. The product also carries costs related to swap fees and collateral management. These factors combined confirm the product's complexity."
}