{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETP",
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": "3x leverage, derivative use (swaps) to replicate index performance.",
        "classification": "complex",
        "supporting_data": "This GraniteShares 3x Long Apple Daily ETP is classified as 'complex' due to several factors. The primary driver is the use of total return swaps with Natixis to replicate the performance of the Solactive Daily Leveraged 3x Long Apple Inc Index. The ETP aims to provide 3x leveraged exposure to Apple's daily performance, introducing significant risks not easily understood by retail investors. The daily reset of leverage creates a compounding effect, increasing deviation from the underlying asset's performance, and the product is described as not simple and may be difficult to understand. Moreover, the fact that the ETP is backed by a swap with Natixis creates a counterparty risk. The high-risk profile (7/7 on the KID risk scale) indicates high market volatility, which contributes to its complex nature. As a result, the KID includes a comprehension alert. The replication method is synthetic using total return swaps, which is inherently complex. The product also makes a statement that the return is not the same as the return of the Underlying Asset multiplied by the Leverage Factor for periods longer than one day."
    }
}