{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Metaverse UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Metaverse UCITS ETF aims to replicate the STOXX Global Metaverse Index by investing directly in the equity securities that make up the index in similar proportions, indicating physical replication. The KIID and PRIIPs KID documents confirm that the Fund is a UCITS ETF, passively managed, with no synthetic replication or use of swap agreements. The Fund may use financial derivative instruments (FDIs) only to a limited extent and primarily for risk management, not as an inherent part of the investment strategy, so derivatives are marked false. There is no mention of leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium-high (5 out of 7), reflecting the equity sector and concentration in technology and metaverse-related companies, but this does not imply complexity under MiFID II. The monthly factsheet confirms physical replication methodology and no use of swaps or synthetic structures. Costs are straightforward with a TER of 0.50%, no performance fees, and no complex fee structures. Counterparty risk is disclosed as a standard risk related to safekeeping and securities lending but no significant counterparty exposure from swaps or derivatives. The index tracked is thematic and ESG-screened but does not involve complex structured products or contingent bonds. No complexity flags such as capital protection, leverage, or synthetic replication are present. Therefore, the ETF is classified as non-complex under MiFID II criteria."
}