{
    "type": "ETP",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The LS FAANG+ ETP is a physically replicated, UCITS eligible Exchange Traded Product that tracks the Solactive FAANG+ Index, which consists of 10 large, liquid US tech stocks equally weighted. The product uses full physical replication with direct ownership of underlying securities, explicitly stating no derivatives or swaps are used. There is no leverage or inverse exposure. The risk indicator is medium-high (5/7) due to concentration in tech stocks and market risk, 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 swap fees. The KIID and factsheet confirm no synthetic replication or counterparty risk. The product is described as not simple and may be difficult to understand due to concentration and volatility, but this relates to market risk rather than structural complexity. Therefore, under MiFID II criteria, this ETP is classified as non-complex."
}