{
    "fund_name": "GraniteShares 3x Long UBER Daily ETP",
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "3x daily leverage",
        "Synthetic replication via swap",
        "Counterparty risk exposure (Natixis)",
        "Daily compounding effect",
        "High volatility risk",
        "Short-term trading focus"
    ],
    "classification": "complex",
    "supporting_data": "The product is a 3x leveraged daily ETP that uses synthetic replication via a swap with Natixis. The KIID explicitly states it is 'not simple and may be difficult to understand', with a risk rating of 7/7. The daily compounding effect and leverage create significant complexity, making it unsuitable for retail investors without specific knowledge. The PRIIPs KID also includes a comprehension warning, reinforcing the complexity classification under MiFID II.",
    "confidence": 95,
    "counter_argument": "Some might argue that the collateralization of the swap reduces complexity, but the daily leverage and compounding effects introduce significant risk that requires specialist understanding.",
    "overriding_reason": "The combination of 3x leverage, synthetic replication, and daily compounding effects makes this product inherently complex under MiFID II, regardless of collateralization."
}