{
    "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 AstraZeneca Daily ETP exhibits multiple complexity indicators under MiFID II. It uses synthetic replication via a swap agreement with Natixis, creating significant counterparty risk. The 3x daily leverage introduces compounding effects that make performance unpredictable over longer periods. The KIID explicitly states this is a high-risk product (7/7 risk rating) not suitable for capital preservation. The daily reset mechanism and potential for significant tracking error from the underlying asset further contribute to complexity. The product is collateralized but remains exposed to swap provider default risk.",
    "confidence": 95,
    "risk_level": 7,
    "comprehension_warning": true,
    "counterparty_risk": true,
    "compounding_effect": true,
    "intended_investor": "sophisticated",
    "regulatory_notes": "The product is classified as complex due to its leveraged structure, synthetic replication method, and high-risk profile. While it is collateralized, the swap exposure and daily compounding effects create risks that require specialized knowledge to understand fully."
}