{
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": true,
    "inverse": false,
    "complex_factors": [
        "3x Leverage",
        "Daily Reset Leverage with Compounding Effect",
        "Swap Agreement with Counterparty Exposure",
        "Synthetic Replication via Total Return Swap",
        "High Risk Level (7/7)",
        "Collateralised Structure",
        "Complex Index (Leveraged FAANG Index)"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Long FAANG Daily ETP is a collateralised exchange traded product that seeks to replicate 3 times the daily performance of the Solactive FAANG Equal Weight Index via a synthetic replication method using a swap agreement with Natixis as the swap counterparty. The product uses a total return swap structure, exposing investors to counterparty risk mitigated by collateral held at BNY Mellon. The leverage factor is 3x with daily reset and compounding effects, which means returns over periods longer than one day can deviate significantly from the underlying index multiplied by leverage. The product is explicitly described as not simple and difficult to understand, intended for investors with specific knowledge and experience. The risk indicator is at the highest level 7/7, reflecting very high risk and complexity. The product is not UCITS compliant. The PRIIPs KID and factsheet confirm the use of swaps, leverage, and synthetic replication. The product does not have capital protection and investors can lose their entire investment. These factors combined\u2014synthetic replication, leverage, swap counterparty risk, and complex leveraged index exposure\u2014make this product complex under MiFID II rules."
}