{
    "type": "ETP",
    "ucits": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The LS ARK Genomic Revolution Tracker ETP is a physically-backed product that directly invests in the underlying ARK Genomic Revolution ETF. The KIID and factsheet explicitly state that it uses physical replication, owns the underlying stock, and does not employ derivatives or swaps. The risk indicator is level 6 out of 7, but this is primarily due to the volatility of the underlying asset (a single-stock ETF) rather than structural complexity. The product is transparent, with clear disclosure of costs and risks, and is designed to provide straightforward 1:1 exposure to the reference asset. While the risk level is high, the structure itself is simple and understandable for retail investors.",
    "confidence": 90,
    "counter_argument": "Some might argue that the high risk level (6/7) or the fact that it tracks a single-stock ETF could make it complex. However, MiFID II complexity is more about structural features (derivatives, leverage, etc.) than just risk level. The physical replication and lack of derivatives or swaps outweigh the risk-based arguments for complexity.",
    "risk_profile": "high",
    "underlying_asset": "ARK Genomic Revolution ETF",
    "gearing": false,
    "capital_protection": false,
    "structured_features": false,
    "liquidity_risk": "moderate",
    "cost_structure": "simple"
}