Inzektor Ladybug

The monster effect "Once per turn, you can equip 1 'Inzektor' monster from your hand or Graveyard to this card as an Equip Card" is an Ignition Effect. (This effect does not target.)

The effect "While this card is equipped to a monster, that monster's Level increases by 2, and it gains ATK and DEF equal to this card's respective values" is an effect applied while "Inzektor Giga-Mantis" itself is treated as an Equip Spell Card. (This effect does not create a Chain Link.)

The effect "You can send this equipped card to the Graveyard to target 1 monster you control; increase its Level by up to 2" is an effect that can be activated while "Inzektor Giga-Mantis" itself is treated as an Equip Spell Card. (This effect creates a Chain Link. It can only be activated during your Main Phase. Also, when activating this effect, you send "Inzektor Giga-Mantis" itself, which is being treated as an Equip Spell Card, to the Graveyard as the cost.)

The effect "target 1 monster you control; increase its Level by up to 2" is an effect that targets 1 face-up monster in your Monster Zone. Additionally, you choose whether to increase the Level by 1 or 2 at the time the effect resolves.