{
    "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 reset and compounding effects"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Short Amazon Daily ETP is a collateralised Exchange Traded Product that seeks to replicate -3 times the daily performance of Amazon shares through a swap agreement with Natixis. The product uses synthetic replication via a funded swap structure, explicitly exposing investors to counterparty risk, mitigated by collateral held at BNY Mellon. The product employs leverage of 3x inverse exposure with daily reset and compounding effects, which significantly increase complexity and risk. The risk indicator is at the highest level (7/7), and the product is intended only for investors with specific knowledge and experience. The product does not use physical replication but relies on derivatives (swaps) as an inherent part of its strategy, not merely for risk management. The PRIIPs KID and factsheet confirm the presence of swap fees, collateralisation, and the complex nature of daily leveraged inverse exposure. These factors combined make the product complex under MiFID II rules despite the absence of capital protection or structured contingent features. The product is not UCITS compliant, further supporting the complex classification."
}