{
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": true,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Swap Usage",
        "Daily Reset Compounding",
        "Counterparty Risk",
        "Collateralised Structure"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Long UBER Daily ETP is a collateralised exchange traded product that seeks to replicate 3 times the daily performance of Uber Technologies Inc via the Solactive Daily Leveraged 3x Long Uber Technologies Inc Index. The product uses a swap agreement with Natixis as the swap provider, indicating synthetic replication. The presence of a swap agreement, collateral held by an independent custodian, and explicit counterparty risk disclosures confirm derivative and swap usage. The product applies daily leverage of 3x with a daily reset, causing compounding effects that can significantly deviate returns 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 and is explicitly described as 'not simple and may be difficult to understand,' intended only for investors with specific knowledge and experience. The PRIIPs KID and factsheet confirm the use of swaps, leverage, collateralisation, and counterparty risk, all of which are complexity drivers under MiFID II. There is no capital protection, but the leveraged and synthetic nature, combined with counterparty exposure and complex daily compounding, make this product complex. No physical replication or direct purchase of underlying securities is involved. The product also carries significant costs related to swap fees embedded in the ongoing costs. Therefore, the classification under MiFID II is 'complex.'",
    "risk_level": 7
}