{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETP",
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthethic",
        "complex_factors": "Leverage (3x), Inverse Strategy, Swaps used to replicate performance. The ETP seeks to replicate the performance of an index designed to deliver -3x the daily performance of Tesla Inc. The reliance on a swap agreement with a counterparty introduces counterparty risk.",
        "classification": "complex",
        "supporting_data": "The GraniteShares 3x Short Tesla Daily ETP is classified as complex due to its use of leverage and its inverse strategy. The ETP's objective is to provide a return that is -3 times the daily performance of Tesla Inc. This is achieved through the use of total return swaps (or similar derivative instruments). The daily reset of the leverage factor creates a compounding effect, which increases the deviation from the expected returns over periods longer than a day. The product explicitly states that it is not a simple product and may be difficult to understand. This suggests a sophisticated structure and associated risks that may be hard to understand by retail investors with only basic knowledge, which aligns with MiFID II complexity criteria as per the ESMA guidance."
    }
}