{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETP",
        "complex_factors": "Swaps",
        "classification": "complex",
        "supporting_data": "The GraniteShares FAANG ETP uses a swap with Natixis to replicate the Solactive FAANG Equal Weight Index.  The KID itself states 'You are about to purchase a product that is not simple and may be difficult to understand'. The use of a swap, a derivative instrument, is central to the investment strategy.  This introduces counterparty risk (Natixis defaulting) and collateral risk, making it complex under MiFID II rules.  Even though the underlying index (FAANG stocks) is relatively straightforward, the synthetic replication method and reliance on a derivative significantly increases the complexity for a retail investor with basic financial knowledge."
    }
}