The mirror documentation [1] calls it a 'synthetic asset'. This mechanism is also how they also offered BTC and ETH on their network (as mBTC and mETH).
To be clear, I wasn't trying to debate the nature of if it is a security or not.
To be clear, I wasn't trying to debate the nature of if it is a security or not.
So if you make a financial product that encompasses two different derivatives it would be a synthetic derivative.
It’s mostly a meaningless term as far as regulation goes.