{
    "success": true,
    "data": {
        "complex": "complex",
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthethic",
        "ucits": false,
        "type": "ETP",
        "complex_factors": "Leverage is used. The product seeks to replicate the daily performance of an index designed to provide a total return exposure to -1 times the daily performance of FAANG Equal Weight Index TR adjusted of fees embedded in the Underlying Index. This is a leveraged, inverse product, compounded daily which makes it complex.",
        "classification": "complex",
        "supporting_data": "This GraniteShares 1x Short FAANG Daily ETP is classified as complex due to its leveraged and inverse nature, targeting -1x the daily performance of the FAANG index. The use of a total return index and daily compounding introduces complexity, especially for retail investors, because of the compounding effect. The KID explicitly states, 'You are about to purchase a product that is not simple and may be difficult to understand' (MiFID II, Art. 25(3) and (4)) indicating that this is a complex financial product requiring a comprehension alert. The product is an ETP that seeks to replicate the performance of an index. The underlying index provides exposure to -1 times the daily performance. For periods longer than one day, the return of the Underlying Index is not the same as the return of the Underlying Asset multiplied by the Leverage Factor. The daily reset has a u201ccompounding effectu201d which means that, the more volatile the performance of the Underlying Asset, the more the performance of the Underlying Index will deviate from the performance of the Underlying Asset (multiplied by the Leverage Factor) over a given period of time. The product is backed by a swap with Natixis."
    }
}