{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "None identified",
    "supporting_data": "The L&G Metaverse UCITS ETF is a UCITS-compliant, physically replicated ETF that primarily invests directly in the securities of the underlying index. The fund may use financial derivative instruments (FDIs) for efficient portfolio management, but there is no evidence that derivatives are integral to the investment objective or that the fund uses synthetic replication, swaps, or leverage beyond UCITS limits. The fund's structure, risks, and objectives are transparent and typical of a passive equity UCITS ETF. The risk profile is high due to market volatility and sector concentration, but this reflects market risk, not structural complexity. There is no indication of embedded derivatives, contingent convertible bonds, complex indices, or other features that would make the product difficult for a retail investor with basic knowledge to understand.",
    "classification": "non-complex"
}