The smart lock itself does not engage in targeted advertising, but the smart lock manufacturer’s website does, according to the privacy policy.
The targeted advertising is by default enabled, and only offers an opt-out mechanism in the privacy policy.
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User interface settings which are optimal for privacy are set by default.
The smart lock keeps a log of every time it is locked or unlocked, and by whom, if it can tell. These logs are kept by default, which is not the optimal privacy setting.