{
    "fund_name": "LS ARK NextGen Internet Tracker ETP",
    "type": "ETP",
    "ucits": false,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Single-stock concentration risk",
        "No capital protection",
        "High risk profile (Class 6/7)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETP uses physical replication to track the ARK Next Generation Internet ETF with no leverage or derivatives. While it has a high-risk profile (Class 6/7) and is concentrated in a single stock, these factors alone do not meet MiFID II's criteria for complexity. The structure is transparent, with no synthetic replication or complex derivative strategies. The PRIIPs KID confirms physical replication and no leverage, reinforcing the non-complex classification. The main risks stem from market exposure and concentration, not structural complexity.",
    "confidence": 90
}