{
    "type": "ETP",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": false,
    "complex_factors": [
        "Leverage (3x)",
        "Synthetic replication via swaps",
        "Daily rebalancing and compounding effects",
        "High risk profile (7/7)",
        "Counterparty risk from swap provider",
        "Complex index tracking (leveraged FAANG index)"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Long FAANG Daily ETP exhibits multiple complexity indicators under MiFID II. It uses synthetic replication via a swap agreement with Natixis, employs 3x leverage, and tracks a complex leveraged index. The daily rebalancing and compounding effects create non-linear returns that are difficult for retail investors to understand. The high risk rating (7/7) and counterparty risk from the swap structure further contribute to its complexity. The product is explicitly stated to be 'not simple and may be difficult to understand,' reinforcing its classification as complex.",
    "confidence": 95
}