{
    "success": true,
    "data": {
        "ucits": false,
        "type": "ETP",
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "3x Long UBER Daily ETP uses derivatives (swaps) to achieve leveraged exposure and track the Underlying Index, which compounds daily, making it difficult for retail investors to understand.",
        "classification": "complex",
        "supporting_data": "The GraniteShares 3x Long UBER Daily ETP is classified as complex. This is because the product seeks to replicate the performance of the Solactive Daily Leveraged 3x Long Uber Technologies Inc Index, and relies on swaps to generate its returns. The product's Key Investor Information Document (KIID) states 'You are about to purchase a product that is not simple and may be difficult to understand'. The leveraged nature of the ETP and daily compounding also contributes to its complexity. Furthermore the product's classification as 7 out of 7 risk class indicates a very high level of risk. The ESMA guidlines specify in point 108 that ETCs that are in part contracts for differences will need to be treated as 'complex' instruments. The fact the product is not a UCITS also helps classify it as complex."
    }
}