{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETP",
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthethic",
        "complex_factors": "Leverage, 3x Short Strategy, Swap Provider with Collateral. Daily Rebalancing compounding effect.",
        "classification": "complex",
        "supporting_data": "The GraniteShares 3x Short Amazon Daily ETP is a complex product due to several factors. Firstly, it employs a 3x short strategy, meaning it seeks to deliver -3 times the daily performance of the Amazon.com Inc Index. This inherently introduces leverage, increasing risk and complexity. Secondly, the product's replication method relies on a swap with Natixis as the Swap Provider. This synthetic replication introduces counterparty risk (Natixis defaulting) and the need to understand collateral management. The KID highlights the daily reset of the leverage factor and its compounding effect, which increases risk and complexity for retail investors to understand. The target investors are required to have a specific knowledge or experience of investing in similar products and financial markets, which indicates a higher level of sophistication. In addition, the underlying index is very volatile. Because the ETP is synthetically replicated and involves a leveraged short position it is difficult for retail investors to understand its payoff and the associated risks."
    }
}