{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF tracks the iStoxx Access Metaverse Index. The fund may use financial derivative instruments (FDIs). The fund will primarily invest directly in the securities represented in the Index.The fund may also invest in (1) companies that are not constituents of the Index that have similar risk and performance characteristics to the companies contained in the Index and (2) financial derivative instruments ('FDIs') (i.e. investments the prices of which are based on the companies contained in the Index and/or such other companies). Adjustments to the Fund's portfolio, including as a result of a reconstitution of the Index, will incur transaction costs. The risk and reward profile is rated 7/7, which is a high risk.",
        "classification": "complex",
        "supporting_data": "The L&G Metaverse UCITS ETF (IE0004U3TX15) uses derivatives as an integral part of the investment strategy and may invest in FDIs. The fund tracks the iStoxx Access Metaverse Index which consists of the equity securities of global companies. According to ESMA's supervisory briefing on appropriateness (section 2.1, paragraph 16), to assess whether the execution-only exemption is met, firms are likely to need processes to distinguish between 'complex' and 'non-complex' investment products. The high-risk profile (7/7) combined with derivative usage points to complexity. As outlined in the ESMA briefing (2.1, question 18) , the fund uses derivatives to achieve the investment objective. Although the fund says the fund primarily invests directly in the securities represented in the index in similar proportions to their weightings in the index, the use of FDIs makes it a complex asset as described in section 2.1, question 16 of the ESMA briefing document as well. According to CESR (paragraph 7, 2009) the value of the instrument may be difficult for retail investors to understand. Because of all these factors, the classification is complex."
    }
}