{
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": true,
    "complex_factors": [
        "Leverage",
        "Inverse exposure",
        "Synthetic replication",
        "Use of swaps",
        "Daily leverage rebalancing",
        "Compounding effect",
        "High risk rating (7/7)",
        "Collateralised structure"
    ],
    "classification": "complex",
    "supporting_data": "The product is a Collateralised Exchange Traded Security (ETP) providing -3x inverse daily exposure to the Solactive US Artificial Intelligence Index, indicating leverage and inverse exposure. The replication is synthetic, achieved via collateral and margin accounts, with underlying assets held as collateral rather than direct physical replication. The document explicitly references daily leverage rebalancing and a compounding effect, which complicates return profiles over periods longer than one day. The product is not UCITS compliant and carries a highest risk rating of 7 out of 7, reflecting very high risk and complexity. The use of collateralised structures and margin accounts implies derivative and swap usage, confirmed by references to securities loans, margin accounts, and collateral assets. The product is intended for sophisticated investors with a short holding period, highlighting complexity and risk. There is no capital protection, and the product may be difficult to understand, as stated in the document. These factors combined meet MiFID II criteria for classification as a complex financial instrument."
}