{
    "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 compounding effect"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Short AstraZeneca Daily ETP is a collateralised exchange traded product that seeks to replicate -3 times the daily performance of AstraZeneca PLC via the Solactive Daily Leveraged 3x Short AstraZeneca PLC Index. The product uses a funded swap agreement with Natixis as the swap provider, with collateral held in a segregated account, indicating synthetic replication. The product explicitly states leverage of 3x and inverse exposure (-3x), with daily reset and compounding effects that cause returns over longer periods to deviate from simple multiples of the underlying asset. The risk indicator is at the highest level (7/7), reflecting very high risk and complexity. The product is not UCITS compliant. The KIID and PRIIPs documents warn that the product is not simple and may be difficult to understand, intended only for investors with specific knowledge and experience. There is significant counterparty risk due to the swap structure, and no capital protection. Costs include ongoing fees and portfolio transaction costs but no performance fees. The product\u2019s complexity arises primarily from its leveraged inverse exposure, synthetic replication via funded swaps, and the daily compounding effect, all of which make it difficult for retail investors to understand and assess risk. These factors align with MiFID II criteria for complex financial instruments."
}