{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": true,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Leverage",
        "Collateralised structure",
        "No capital protection",
        "High risk rating"
    ],
    "classification": "complex",
    "supporting_data": "The LS ARK Genomic Revolution Tracker ETP is a collateralised exchange traded product (ETP) that provides 1:1 leveraged exposure to the ARK Genomic Revolution ETF. It physically holds the underlying ARK Genomic Revolution ETF shares, confirming physical replication and no use of derivatives or swaps for achieving exposure. However, the product is explicitly described as leveraged, with a leverage factor of 1:1 exposure to the underlying ETF but issued by Leverage Shares Plc as a collateralised debt security. The product is not UCITS compliant. The KIID and factsheet emphasize that the product is not principal protected, has a high risk rating of 6 out of 7, and may result in total loss of investment. The product is intended for investors with specific knowledge and experience, indicating complexity. There is no use of derivatives for investment strategy but leverage and the collateralised debt structure introduce complexity and counterparty risk. The product also carries liquidity risk and no capital protection. The PRIIPs KID includes a comprehension warning stating the product is 'not simple and may be difficult to understand,' reinforcing the complexity classification. No swap agreements or total return swaps are mentioned, and the replication is physical via direct ownership of the underlying ETF shares. The leverage and collateralised nature, combined with the debt security structure and high risk profile, drive the MiFID II complexity classification despite the absence of derivatives or swaps. The product\u2019s complexity arises from leverage, counterparty risk inherent in the collateralised ETP structure, and the sophisticated nature of the underlying ARK Genomic Revolution ETF exposure."
}