{
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Physical replication of ARK Innovation ETF with no leverage or derivatives",
    "classification": "non-complex",
    "supporting_data": "The LS ARK Innovation Tracker ETP is a collateralised exchange traded security designed to provide 1:1 exposure to the ARK Innovation ETF by investing all subscription proceeds directly into the underlying ARK Innovation ETF shares. The product uses physical replication with full ownership of the underlying ETF stock, explicitly stating no use of derivatives or swaps. There is no leverage or inverse exposure. The risk indicator is high (6/7) due to concentration risk and market volatility, but this relates to the underlying asset risk rather than structural complexity. The product is not UCITS compliant but is regulated by the Central Bank of Ireland and FCA. The KIID and factsheet confirm no capital protection, no derivative usage, no swap agreements, and no leverage. The product is described as simple and transparent with no complex structured features or contingent bonds. The complexity warning in the KIID relates to the product being 'not simple' and requiring specific investor knowledge, but this is due to the nature of the underlying ARK Innovation ETF and market risk, not due to structural complexity such as synthetic replication or leverage. Therefore, under MiFID II criteria, this ETP is classified as non-complex."
}