{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The LS ARK NextGen Internet Tracker ETP is a collateralised exchange traded security designed to provide 1:1 exposure to the ARK Next Generation Internet ETF by investing all subscription proceeds directly into the underlying ETF shares. The replication method is physical, with full ownership of the underlying ETF stock, and no use of derivatives or swap agreements is indicated. There is no leverage or inverse exposure, and the product does not employ capital protection or structured features. The risk indicator is high (6 out of 7), reflecting market risk and concentration risk, but this is due to the underlying asset volatility rather than structural complexity. The product is not UCITS compliant, being an ETP (debt security) rather than an ETF. Costs are straightforward with a single management fee and no performance fees or swap fees. The PRIIPs KID and monthly factsheet confirm no derivative usage and physical replication. The product carries a complexity warning in the KID, but this relates to the nature of the ETP and the need for investor understanding, not to structural complexity such as swaps or leverage. Therefore, under MiFID II criteria, this product is classified as non-complex."
}