{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": true,
    "complex_factors": [
        "Leverage",
        "Inverse Exposure",
        "Daily Compounding and Rebalancing",
        "High Risk and Volatility",
        "Sophisticated Investor Targeting"
    ],
    "classification": "complex",
    "supporting_data": "The product is a Collateralised Exchange Traded Security (ETP) designed to provide -3x the daily performance of UBS Group AG equity. It uses physical replication by holding short positions in the underlying UBS Group AG stock and cash balances, with no indication of synthetic replication or swap usage. The product explicitly employs leverage at a factor of -3x and inverse exposure, with daily rebalancing and compounding effects that can significantly deviate returns over periods longer than one day. 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. There is no capital protection, and the product may result in total loss of investment. No derivatives or swaps are used inherently in the strategy, but the leverage and inverse nature, combined with daily compounding, create complexity. The PRIIPs KID and factsheet confirm physical replication and absence of swap agreements. The complexity arises primarily from the leveraged inverse exposure, daily compounding effects, and the sophisticated risk profile, making it difficult for retail investors to understand and manage. Therefore, under MiFID II, this ETP is classified as complex."
}