{
    "fund_name": "GraniteShares 3x Short Amazon Daily ETP",
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": true,
    "complex_factors": [
        "3x leverage",
        "Inverse exposure",
        "Daily rebalancing with compounding effects",
        "Swap-based structure with counterparty risk",
        "High volatility risk due to leveraged nature",
        "Complex index tracking mechanism"
    ],
    "classification": "complex",
    "supporting_data": "The product is explicitly designed for sophisticated investors with specific knowledge of leveraged products. It uses synthetic replication via a swap agreement with Natixis, involves 3x inverse leverage, and has a daily rebalancing mechanism that creates compounding effects. The risk profile is classified as 7/7 (highest risk), and the product includes warnings about potential total loss of investment. The underlying index is a leveraged inverse index, which inherently creates complexity due to its structure and the need for daily rebalancing. The PRIIPs KID also includes a comprehension warning, which is a strong indicator of complexity under MiFID II.",
    "confidence": 95
}