{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": true,
    "complex_factors": [
        "Leverage",
        "Inverse Exposure",
        "Daily Rebalancing and Compounding",
        "High Risk Level",
        "Sophisticated Investor Targeting"
    ],
    "classification": "complex",
    "supporting_data": "The product is a Collateralised Exchange Traded Security (ETP) that seeks to provide -3x the daily return of Coinbase Global, Inc. stock, tracking the iSTOXX Inverse Leveraged -3x COIN Index. It uses physical replication by holding short positions in the underlying stock and cash balances, with no indication of synthetic replication or swap usage. The product employs leverage of -3x and inverse exposure, with daily rebalancing 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 intended for sophisticated investors who understand leverage, inverse exposure, and daily compounding risks. There is no capital protection, and investors can lose their entire investment. The product is not UCITS compliant. No derivative instruments or swaps are used inherently in the strategy, but the leverage and inverse nature, combined with daily rebalancing and compounding effects, create complexity. The PRIIPs KID and factsheet confirm physical replication and absence of swaps or derivatives as part of the investment strategy. The complexity arises primarily from the leveraged inverse exposure, daily rebalancing, and the sophisticated risk profile, making it difficult for retail investors to understand and manage. Therefore, under MiFID II, this ETP is classified as complex."
}