{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETP",
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "3x Leverage, Synthetic Replication,  Daily Resetting",
        "classification": "complex",
        "supporting_data": "This GraniteShares 3x Long BP Daily ETP is classified as complex due to several factors.  The product seeks to replicate the performance of an index (Solactive Daily Leveraged 3x Long BP PLC Index) using a leverage factor of 3. This leverage is achieved through a swap with Natixis (the u201cSwap Provideru201d). The product's daily resetting of the leverage factor introduces a 'compounding effect' which increases the risk and potential for deviation from the underlying asset's performance, particularly with higher volatility. The use of swaps introduces counterparty risk (Natixis), and the fact that the index is designed to provide total return exposure to 3 times the daily performance of BP p.l.c. (the u201cUnderlying Assetu201d).  The KID states 'You are about to purchase a product that is not simple and may be difficult to understand.' In addition, the ESMA document on MiFID II Supervisory briefing on Appropriateness, Section 2.1, point 16, identifies the criteria a firm might use to meet the 'execution-only' exemption - which are not present here. Given the synthetic replication through swaps and the leveraged nature of the ETP, along with the documented complexity, this ETP is considered complex."
    }
}