{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETP",
        "leverage": true,
        "derivatives": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthethic",
        "complex_factors": [
            "3x Short Exposure",
            "Leverage",
            "Daily Reset/Compounding Effect (Volatility)",
            "Swaps"
        ],
        "classification": "complex",
        "supporting_data": "This GraniteShares ETP is classified as complex due to several factors. It employs a 3x short strategy, meaning it aims to deliver returns that are the inverse of three times the daily performance of Alibaba Group Holding Limited. This inherent use of leverage amplifies both gains and losses, increasing risk. The product's reliance on the Solactive Daily Leveraged 3x short Alibaba Index and the use of swaps with Natixis (the Swap Provider) to achieve its objective indicates a reliance on derivatives. The daily reset mechanism and the compounding effect it introduces in the underlying index further contribute to the complexity because the return of the Underlying Index is not the same as the return of the Underlying Asset multiplied by the Leverage Factor. This also means the returns over time are not a simple multiple of the Alibaba Group Holding Limited's return, making it difficult for retail investors to understand the product's behavior over time. As a result, the KID states this is a product that is not simple and may be difficult to understand."
    }
}