{
    "fund_name": "GraniteShares 3x Short Alibaba Daily ETP",
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": true,
    "inverse": true,
    "derivatives": true,
    "swaps": true,
    "complex_factors": [
        "3x leverage",
        "Inverse exposure",
        "Synthetic replication via swaps",
        "Daily rebalancing with compounding effects",
        "Sophisticated index tracking (Solactive Daily Leveraged 3x short Alibaba Index)"
    ],
    "classification": "complex",
    "supporting_data": "The product is explicitly designed for sophisticated investors with a 7/7 risk rating. It uses synthetic replication via a swap with Natixis, involves 3x inverse leverage, and has a complex compounding mechanism that makes returns unpredictable over periods longer than one day. The PRIIPs KID includes a comprehension warning, and the fact sheet confirms the use of derivatives for leverage rather than efficient portfolio management. The product's structure and risks are not easily understandable by retail investors, making it clearly complex under MiFID II.",
    "confidence": 95
}