{
    "success": true,
    "data": {
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": true,
        "replication_method": "synthethic",
        "ucits": false,
        "type": "ETP",
        "complex_factors": "Leverage, Inverse exposure, Swaps and Embedded derivatives.",
        "classification": "complex",
        "supporting_data": "The GraniteShares 3x Short Netflix Daily ETP is classified as complex due to several factors outlined in the provided KIID. Firstly, the product aims to replicate the performance of an index using a leverage factor of -3x, meaning it will magnify both gains and losses. Secondly, the product uses swaps with Natixis (the u201cSwap Provideru201d). The daily reset of the leverage and its compounding effect mean that 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. Finally, the product is designed to provide inverse exposure, profiting from a decrease in the value of Netflix Inc. These factors, particularly the leverage, inverse exposure, and derivative usage (swaps), make the product structure and risks not easily understandable for retail investors with basic knowledge. The high risk rating of 7/7 on the KID risk scale also reinforces the complexity. These features align with MiFID II's criteria for complex assets, necessitating a comprehension alert in the KID to warn investors."
    }
}