{
    "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 Amazon Daily ETP is a collateralised exchange traded product that seeks to replicate 3 times the daily performance of Amazon shares via the Solactive Daily Leveraged 3x Long Amazon.com Inc Index. The product uses a swap agreement with Natixis as the swap provider, which is explicitly stated and collateralised by assets held at BNY Mellon. The replication method is synthetic, relying on total return swaps rather than physical ownership of Amazon shares. The product employs 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 the high risk and complexity. The product is not UCITS compliant and is intended for sophisticated investors with specific knowledge of leveraged and swap-based products. The presence of leverage, synthetic replication via swaps, counterparty risk, and the complex daily compounding mechanism all contribute to the classification as a complex financial instrument under MiFID II. Additionally, the product carries warnings about potential total loss of capital and the need for investors to monitor positions daily, further underscoring its complexity."
}