{
    "type": "ETP",
    "ucits": false,
    "replication_method": "synthetic",
    "leverage": true,
    "inverse": false,
    "derivatives": true,
    "swaps": true,
    "complex_factors": [
        "Leverage",
        "Swaps",
        "Daily Rebalancing",
        "Complex Indices"
    ],
    "classification": "complex",
    "supporting_data": "The GraniteShares 3x Long Facebook Daily ETP is classified as complex under MiFID II due to several key factors: 1) It uses synthetic replication via a swap agreement with Natixis, which introduces counterparty risk. 2) The product employs 3x daily leverage, which significantly amplifies risk and requires sophisticated understanding. 3) The daily rebalancing mechanism creates compounding effects that make long-term returns unpredictable. 4) The underlying index is a leveraged index designed for daily performance, not long-term holding. 5) The KIID explicitly states this is not a simple product and requires specific investment knowledge. 6) The risk rating is 7/7, the highest level. While the product is collateralized, the complexity of the structure and the potential for significant losses due to leverage and daily rebalancing make it unsuitable for retail investors without specialized knowledge. The PRIIPs KID also includes a comprehension warning, reinforcing the complexity classification.",
    "confidence": 95
}