{
    "type": "ETF",
    "ucits": true,
    "fund_name": "L&G Metaverse UCITS ETF",
    "investment_objective": "Track the performance of the iStoxx Access Metaverse Index, providing exposure to equity securities of global companies engaged in the metaverse value-chain with ESG exclusions.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Global (with major exposure to US, Taiwan, Korea, Japan, Europe)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical full replication of the iStoxx Access Metaverse Index, investing directly in underlying equity securities. The KIID and PRIIPs KID confirm that while the Fund may use financial derivative instruments (FDIs), these are for efficient portfolio management and not an inherent part of the investment strategy, thus derivatives are not considered a complexity driver. There is no mention of synthetic replication, swap agreements, or counterparty risk related to derivatives. The Fund is UCITS compliant, with no leverage, inverse or amplified exposure. The risk rating is high (7/7) due to the technology sector focus and market volatility, but this does not imply complexity under MiFID II. Costs are straightforward with a single ongoing charge of 0.39%, no performance fees, and no complex fee structures. The underlying assets are liquid equities with no complex structured products or contingent bonds. No capital protection or structured features are present. The index tracked is a standard equity index with ESG exclusions, not a complex or contingent index. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. The PRIIPs KID does not include any comprehension warnings or complexity flags. Therefore, the ETF is classified as non-complex under MiFID II criteria."
}