{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Daily Compounding",
        "High Risk",
        "Sophisticated Investor Requirement"
    ],
    "classification": "complex",
    "supporting_data": "The product is a Collateralised Exchange Traded Security (ETP) that seeks to provide 3x the daily return of Tesla Inc. stock by physically owning the underlying shares and using margin borrowing to achieve leverage. The replication method is physical, with no indication of synthetic replication or swap usage. There is no use of derivatives as an inherent part of the strategy, only margin borrowing to amplify exposure. The product is highly leveraged (3x), with a daily rebalancing mechanism causing 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 explicitly intended for sophisticated investors who understand leverage, daily rebalancing, and compounding risks, and who can monitor their positions frequently. There is no capital protection, and investors may lose all their investment. The product is not UCITS compliant. The complexity arises primarily from the leverage, daily compounding effects, and the sophisticated nature of the product rather than from derivative or swap usage. The PRIIPs KID and factsheet confirm no swap or derivative usage, but margin borrowing is used to achieve leverage. The product carries a comprehension warning and is not suitable for retail investors without specific knowledge. These factors combined lead to a classification as complex under MiFID II."
}