{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Single stock concentration, ETP legal form, no leverage or derivatives",
    "classification": "non-complex",
    "supporting_data": "The LS 1x Coinbase Tracker ETP is a collateralised exchange traded security (ETP) designed to provide 1:1 exposure to Coinbase Global, Inc. (COIN) by investing all subscription proceeds directly into the underlying stock. The replication method is physical, with full ownership of the underlying shares, and no use of derivatives or swaps is indicated. There is no leverage or inverse exposure. The product is not UCITS compliant, being an ETP rather than an ETF. The risk profile is high (6 out of 7), mainly due to concentration risk in a single stock and market volatility, but this does not imply complexity under MiFID II. The product does not have capital protection or structured features, and costs are straightforward with no performance fees or derivative-related fees. The PRIIPs KID and monthly factsheet confirm no use of derivatives or swaps, and no leverage. The product is described as 'not simple and may be difficult to understand' due to concentration and risk, but the absence of synthetic replication, leverage, or complex underlying assets means it is classified as non-complex under MiFID II. The complexity flags such as swaps, leverage, or contingent bonds are not present. The ETP legal form and single stock exposure increase risk but do not trigger complexity classification."
}