{
    "leverage": true,
    "derivatives": true,
    "swaps": false,
    "inverse": true,
    "replication_method": "physical",
    "ucits": false,
    "type": "ETP",
    "complex_factors": [
        "Leverage (-3x)",
        "Inverse exposure",
        "Short position",
        "High risk profile (Class 7)",
        "Daily rebalancing complexity",
        "Potential for significant losses"
    ],
    "classification": "complex",
    "supporting_data": "The product is classified as complex under MiFID II due to several key factors: 1) It provides -3x inverse exposure to Coinbase Global, Inc., which involves significant leverage and daily rebalancing, making it unsuitable for retail investors without sophisticated knowledge. 2) The product is designed for short-term trading (1-day holding period), and holding it longer introduces compounding effects that are difficult to predict. 3) The risk profile is classified as Class 7 (highest risk level), indicating a very high likelihood of significant losses. 4) The product involves shorting the underlying asset, which introduces additional complexity and risk. 5) The PRIIPs KID includes a comprehension warning, further indicating complexity. While the replication method is physical (owning the underlying assets), the inverse leverage and short position make the product complex. The fact that it is not UCITS-compliant also supports the complex classification.",
    "confidence": 95
}