{
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Swap usage",
        "Synthetic replication",
        "Daily reset compounding effect",
        "High risk rating (7/7)",
        "Collateralised swap counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Long Coinbase Daily ETP is a collateralised exchange traded product that seeks to replicate 3 times the daily performance of Coinbase Global Inc via the Solactive Daily Leveraged 3x Long Coinbase Index. The product uses a swap agreement with Natixis as the swap provider, indicating synthetic replication. The swap is collateralised but exposes investors to counterparty risk. The product employs leverage at a 3x ratio with daily reset, which introduces a compounding effect that can cause returns to deviate significantly from the underlying asset over periods longer than one day. The risk indicator is at the highest level (7/7), reflecting very high risk and complexity. The product is not UCITS compliant. The KIID explicitly states the product is 'not simple and may be difficult to understand' and is intended for investors with specific knowledge and experience. Costs include ongoing portfolio transaction costs and fees related to managing the swap structure. There is no capital protection or principal guarantee. The product's complexity is driven primarily by its leveraged synthetic replication via swaps, daily reset mechanism, and high risk profile, making it complex under MiFID II rules."
}