{
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": true,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Swap usage",
        "Synthetic replication",
        "Counterparty risk",
        "Daily reset compounding effect"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Long Rio Tinto Daily ETP is a collateralised Exchange Traded Product that seeks to replicate 3 times the daily performance of Rio Tinto plc shares via the Solactive Daily Leveraged 3x Long Rio Tinto plc Index. The product uses a swap agreement with Natixis as the swap provider, indicating synthetic replication. The swap is collateralised but exposes investors to counterparty risk. The product explicitly uses leverage (3x), with daily reset and compounding effects that cause returns over periods longer than one day to deviate from a simple multiple of the underlying asset's returns. The risk indicator is at the highest level (7/7), and the product is described as not simple and difficult to understand, intended only for investors with specific knowledge and experience. The product is not UCITS compliant. The PRIIPs KID and factsheet confirm the use of swaps, leverage, and the complexity arising from daily rebalancing and compounding. There is no capital protection. The product carries significant counterparty risk and derivative exposure inherent to its strategy, not just for risk management. These factors combined meet MiFID II criteria for classification as a complex financial instrument."
}