{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Daily Compounding",
        "Margin Borrowing",
        "High Risk Profile"
    ],
    "classification": "complex",
    "supporting_data": "The product is a Collateralised Exchange Traded Security (ETP) that provides 3x daily leveraged exposure to the NIO Inc. ADR equity security. It physically holds the underlying shares and collateral assets, with no use of swaps or derivative instruments for replication. The leverage is achieved through margin borrowing, with a leverage factor of 3x, and daily rebalancing causes 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. The absence of swaps or derivatives used for replication means derivatives are false, but the presence of leverage and complex daily compounding effects, along with margin borrowing, triggers complexity under MiFID II. The product also carries warnings about the difficulty of understanding the product and the risk of significant losses, reinforcing its complex nature. No capital protection or structured features are present, but the leverage and compounding effects alone classify it as complex. The PRIIPs KID and factsheet confirm physical replication and margin usage, with no synthetic replication or swap usage."
}