{
    "name": "GraniteShares 3x Long Coinbase Daily ETP",
    "type": "ETP",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": false,
    "complex_factors": [
        "3x Leverage",
        "Synthetic replication via swaps",
        "Daily reset compounding effect",
        "High volatility exposure",
        "Counterparty risk from swap provider",
        "Complex benchmark tracking"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Long Coinbase Daily ETP exhibits multiple complexity indicators under MiFID II. The product uses synthetic replication through a swap agreement with Natixis, creating significant counterparty risk. The 3x daily leverage introduces compounding effects that make performance unpredictable over longer holding periods. The risk indicator of 7/7 (highest possible) and explicit warnings about potential total loss of investment further support the complex classification. The product is not UCITS compliant and carries a comprehension warning, indicating it may be difficult for retail investors to understand. The underlying index's volatility and the daily reset mechanism add additional layers of complexity.",
    "confidence": 95,
    "risk_level": 7,
    "counterparty_risk": true,
    "comprehension_warning": true,
    "benchmark_complexity": "high",
    "liquidity_considerations": "The product may be difficult to sell under adverse market conditions, potentially impacting returns significantly."
}