{
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Swap usage",
        "Synthetic replication",
        "Daily compounding and rebalancing",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Long Palantir Daily ETP Securities is a collateralised Exchange Traded Product that seeks to replicate 3 times the daily performance of Palantir shares via the Solactive Daily Leveraged 3x Long Palantir 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, which 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 and is intended only for sophisticated investors with specific knowledge of leveraged and swap-based products. The PRIIPs KID and factsheet confirm the use of swaps, leverage, and daily rebalancing, all of which are complexity drivers under MiFID II. There is no capital protection, and the product can result in total loss of invested capital. The presence of synthetic replication, leverage, swap counterparty risk, and complex daily compounding effects firmly classify this product as complex under MiFID II rules."
}