{
    "type": "ETP",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": true,
    "replication_method": "synthetic",
    "ucits": false,
    "complex_factors": [
        "Leverage",
        "Inverse Exposure",
        "Swap Usage",
        "Daily Compounding Effect",
        "High Risk Profile (7/7)",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Short Netflix Daily ETP exhibits multiple complexity indicators under MiFID II. It uses synthetic replication via a swap agreement with Natixis, employs 3x daily inverse leverage, and has a high-risk profile (7/7). The daily compounding effect and the need for sophisticated investor understanding of leverage and short positions further contribute to its complexity. The presence of counterparty risk and the collateralized swap structure are additional factors that classify this as a complex product.",
    "confidence": 95
}