{
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Swap Usage",
        "Daily Reset Compounding",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The product is a 3x leveraged Exchange Traded Product (ETP) that seeks to replicate 3 times the daily performance of Apple Inc. It uses a total return swap with Natixis as the swap counterparty, which is collateralised but exposes investors to counterparty risk. The replication method is synthetic, relying on a funded swap structure. The product features daily leverage reset and compounding effects, which cause returns over periods longer than one day to deviate significantly from the underlying asset's performance multiplied by three. The risk indicator is at the highest level (7/7), indicating very high risk. 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 who understand leverage, daily rebalancing, and compounding. There is no capital protection, and investors can lose their entire investment. The product also carries counterparty risk due to the swap agreement. These factors combined meet MiFID II criteria for a complex financial instrument."
}