{
    "type": "ETP",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": true,
    "replication_method": "synthetic",
    "ucits": false,
    "complex_factors": [
        "Leverage",
        "Inverse Exposure",
        "Synthetic Replication",
        "Daily Compounding Effect",
        "Counterparty Risk",
        "High Volatility Impact"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Short Alphabet 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 inverse exposure to Alphabet's performance, featuring daily rebalancing that creates compounding effects difficult for retail investors to understand. The high risk rating (7/7) and warnings about potential total loss of investment further support the complex classification. The product is explicitly stated to be suitable only for sophisticated investors with specific knowledge of leveraged products.",
    "confidence": 95,
    "risk_level": 7,
    "comprehension_warning": true,
    "counterparty_risk": true,
    "daily_rebalancing": true,
    "compounding_effect": true,
    "intended_investor": "sophisticated",
    "regulatory_notes": "The product is not UCITS compliant and carries explicit warnings about its complexity and suitability only for experienced investors. The PRIIPs KID and factsheet both emphasize the high-risk nature and the need for investor sophistication."
}