{
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": true,
    "complex_factors": [
        "Leverage",
        "Synthetic replication via funded swap",
        "Inverse exposure",
        "Counterparty risk",
        "Daily reset compounding effect"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Short NIO Daily ETP is a leveraged inverse product that seeks to replicate -3 times the daily performance of NIO Inc via the Solactive Daily Leveraged 3x Short NIO 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 presence of a swap counterparty and collateral management introduces counterparty risk. The product explicitly states a leverage factor of 3x inverse exposure with daily reset, causing a compounding effect that can significantly deviate returns over periods longer than one day. 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 for investors with specific knowledge and experience, further indicating complexity. There is no capital protection, and the product may lose the entire investment. The costs include portfolio transaction costs and other ongoing costs but no performance fees. The product's complexity is driven primarily by its synthetic replication via swaps, leverage, inverse exposure, and the daily compounding mechanism, 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."
}