{
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": false,
    "complex_factors": [
        "Options writing strategy",
        "Collateralised structure",
        "High risk rating (6/7)",
        "No capital protection",
        "Counterparty and liquidity risks",
        "Requires specific investor knowledge"
    ],
    "classification": "complex",
    "supporting_data": "The product is a Collateralised Exchange Traded Security (ETP) that implements an options-based income strategy by buying Coinbase shares and selling out-of-the-money call options. This involves derivative instruments (options) as an inherent part of the investment strategy, not merely for risk management, indicating synthetic exposure. The product is not UCITS compliant and carries a high risk rating of 6 out of 7, reflecting significant market and liquidity risks. There is no capital protection, and investors have no rights to dividends or voting on the underlying shares. The product is intended for investors with specific knowledge and experience, highlighting complexity. The structure involves collateral assets held in a margin account, with payment obligations funded by liquidating these assets, implying counterparty and liquidity risk. There is no mention of leverage or inverse exposure, but the use of options and collateralisation, combined with the high risk and complexity warnings, classify this product as complex under MiFID II. The PRIIPs KID also states the product 'is not simple and may be difficult to understand,' reinforcing the complexity classification."
}