{
    "fund_name": "GraniteShares 3x Short Apple Daily ETP",
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": true,
    "inverse": true,
    "derivatives": true,
    "swaps": true,
    "complex_factors": [
        "3x inverse leverage",
        "Daily rebalancing with compounding effects",
        "Synthetic replication via swap agreements",
        "Counterparty risk exposure (Natixis)",
        "High volatility risk profile",
        "Short-term trading focus (1-day holding period recommendation)"
    ],
    "classification": "complex",
    "supporting_data": "The product is explicitly designed as a leveraged inverse ETP with 3x daily exposure to Apple's performance. It uses synthetic replication through a swap agreement with Natixis, which introduces counterparty risk. The daily rebalancing mechanism creates compounding effects that make long-term returns unpredictable, and the product is classified as risk level 7/7. The KIID explicitly states it is 'not simple and may be difficult to understand,' and the PRIIPs KID includes a comprehension warning. The fact sheet confirms the use of derivatives for leverage and the collateralized swap structure. These factors collectively make the product complex under MiFID II.",
    "confidence": 95
}