{
    "type": "ETP",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": false,
    "complex_factors": [
        "3x Leverage",
        "Daily Reset Compounding Effect",
        "Synthetic Replication via Swaps",
        "High Volatility Risk",
        "Counterparty Risk from Swap Provider"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Long Tesla Daily ETP exhibits multiple complexity indicators under MiFID II. It uses synthetic replication via a swap agreement with Natixis, which introduces counterparty risk. The product provides 3x daily leveraged exposure to Tesla Inc., leading to compounding effects that can significantly deviate from the underlying asset's performance over longer periods. The high risk rating (7 out of 7) and the warning that the product is 'not simple and may be difficult to understand' further support its complex classification. The presence of a swap structure, leverage, and the need for sophisticated investor understanding all contribute to this determination.",
    "confidence": 95,
    "risk_level": 7,
    "comprehension_warning": true,
    "counterparty_risk": true,
    "compounding_effect": true,
    "intended_investor": "sophisticated",
    "regulatory_notes": "The product is not UCITS-compliant and is intended for sophisticated investors who understand the risks of leverage and daily rebalancing. The PRIIPs KID and factsheet both emphasize the high-risk nature and the complexity of the product, reinforcing the MiFID II classification as complex."
}