{
    "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 Microsoft shares via the Solactive Daily Leveraged 3x Long Microsoft Corp 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 of 3x with a 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 the complex daily compounding mechanism all drive the classification as complex under MiFID II. There is no capital protection or principal guarantee. The product\u2019s risk profile and structure make it difficult for retail investors to understand and manage, fulfilling multiple complexity criteria."
}