{
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": true,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Swap usage",
        "Synthetic replication",
        "Daily compounding effect",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Long NVIDIA Daily ETP is a collateralised Exchange Traded Product that seeks to replicate 3 times the daily performance of NVIDIA Corp via the Solactive Daily Leveraged 3x Long NVIDIA Corp 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) and daily reset of leverage, which introduces a compounding effect that can cause returns over periods longer than one day to deviate significantly from the underlying asset's performance multiplied by leverage. 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 factsheet warn that the product is not simple, requires specific knowledge, and is suitable only for sophisticated investors. The presence of leverage, synthetic replication via swaps, counterparty risk, and the complex daily compounding mechanism all drive the classification as complex under MiFID II. There is no capital protection or structured features beyond the leveraged exposure. Costs include swap fees embedded in ongoing costs. The product is an ETP, not an ETF, and uses derivatives inherently as part of its strategy rather than for risk management. These factors combined confirm the complex classification."
}