{
    "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) that seeks to provide 3 times the daily performance of PayPal Holdings, Inc. stock by investing directly in the underlying shares and using margin borrowing to achieve leverage. The replication method is physical, with full ownership of the underlying assets, and no use of synthetic replication or swaps is indicated. However, the product employs 3x leverage, daily rebalancing, and compounding effects, which significantly increase complexity. The risk indicator is at the highest level (7/7), reflecting the magnified risk and potential for significant losses. The product is not UCITS compliant and is intended for sophisticated investors able to monitor positions daily. There is no capital protection, and the product may be difficult to understand due to leverage and compounding effects. No derivative instruments or swap agreements are used inherently in the strategy, but margin borrowing is employed to amplify exposure. The complexity arises primarily from the leverage factor, daily compounding, and the risk profile rather than derivative or swap usage. The PRIIPs KID and factsheet confirm no swap usage and physical replication. The product is classified as complex under MiFID II due to leverage and the nature of the product, despite the absence of derivatives or swaps."
}