{
    "type": "ETP",
    "ucits": false,
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": true,
    "replication_method": "synthetic",
    "complex_factors": "Leverage, Synthetic replication, Use of derivatives including swaps, Inverse daily leveraged exposure, Compounding effect, High risk profile",
    "classification": "complex",
    "supporting_data": "The product is a Leverage Shares -3x Short India ETP Securities, which provides -3 times the daily performance of the iShares MSCI India ETF, indicating significant leverage and inverse exposure. It uses derivatives, including swaps, to achieve this synthetic replication of the index performance. The product explicitly states the presence of a compounding effect due to daily leverage rebalancing, which can cause returns to deviate significantly from -3x the index over longer holding periods. The ETP is collateralised but exposes investors to counterparty risk and lacks capital protection. The recommended holding period is only 1 day, reflecting the complexity and risk. The product is classified as highest risk (7/7) and is intended for sophisticated investors able to monitor frequently and understand complex risks such as compounding and leverage. According to MiFID II rules and ESMA guidelines, such use of leverage, synthetic replication via derivatives, inverse exposure, and complex payoff structures render the product complex. UCITS ETFs are generally non-complex, but this product is an ETP security with embedded derivatives and leverage, thus complex. The PRIIPs KID includes a comprehension alert stating the product is not simple and may be difficult to understand, consistent with complex classification. Therefore, under MiFID II Article 25(4)(a)(vi) and Article 57 criteria, this product is complex due to its synthetic replication, leverage, derivative use, inverse exposure, and complexity of payoff and risk profile."
}