{
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": true,
    "inverse": true,
    "complex_factors": [
        "Leverage",
        "Inverse exposure",
        "Synthetic replication via funded swap",
        "Counterparty risk",
        "Daily compounding and rebalancing effects"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Short Apple Daily ETP is a collateralised Exchange Traded Product that seeks to replicate -3 times the daily performance of Apple shares through the Solactive Daily Leveraged 3x Short Apple Inc Index. The product uses a funded swap agreement with Natixis as the swap counterparty, with collateral held at BNY Mellon, confirming synthetic replication. The product explicitly states leverage of -3x and inverse exposure, with daily reset and compounding effects that cause returns over periods longer than one day to deviate significantly from the underlying asset's performance. The risk indicator is at the highest level (7/7), indicating very high risk. The product is not UCITS compliant. The PRIIPs KID and factsheet emphasize the complexity due to leverage, inverse exposure, swap counterparty risk, and daily rebalancing. The product is intended only for sophisticated investors with specific knowledge and experience. These factors combined meet MiFID II criteria for a complex financial instrument."
}