{
    "type": "ETP",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The LS 1x Coinbase Tracker ETP is physically replicated, directly holding the underlying stock (Coinbase Global, Inc.) without leverage, derivatives, or swaps. The KIID explicitly states 'no derivatives used and full ownership of the underlying stock,' which negates credit risk. The risk indicator is class 6 out of 7, but this is due to the high concentration risk in a single stock rather than structural complexity. The product is transparent, with clear disclosure of costs, risks, and performance scenarios. While the risk level is high, the structure itself is straightforward and does not exhibit features that would classify it as complex under MiFID II rules.",
    "confidence": 95,
    "additional_notes": "The product is a debt security (ETP) rather than a traditional ETF, but it operates similarly to a physically-backed ETF. The lack of derivatives, leverage, or synthetic replication, combined with direct ownership of the underlying asset, supports the non-complex classification. The high-risk rating is due to market risk rather than structural complexity."
}