{
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": true,
    "complex_factors": [
        "Leverage",
        "Inverse exposure",
        "Synthetic replication via funded swap",
        "Counterparty risk",
        "Daily reset and compounding effects"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Short Netflix Daily ETP is a collateralised Exchange Traded Product (ETP) that seeks to replicate -3 times the daily performance of Netflix Inc via the Solactive Daily Leveraged 3x Short Netflix Inc Index. The product uses a funded swap agreement with Natixis as the swap counterparty, with collateral held at BNY Mellon, confirming synthetic replication. The product explicitly states leverage of 3x and inverse exposure (-3x), with daily reset and compounding effects that cause returns over periods longer than one day to deviate significantly from the underlying asset's performance. The risk indicator is at the highest level (7/7), reflecting very high risk and complexity. The product is not UCITS compliant. The PRIIPs KID and factsheet emphasize the use of swaps, counterparty risk, and the need for sophisticated investor knowledge. There is no capital protection, and the product is designed for short-term holding only. These factors\u2014synthetic replication, leverage, inverse exposure, swap usage, and high risk\u2014drive the MiFID II classification as complex."
}