{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares S&P 500 Paris-Aligned Climate",
    "investment_objective": "To track the S&P 500 Net Zero 2050 Paris-Aligned Sustainability Screened Index by investing in equity securities that make up the index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States (S&P 500 constituents)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF physically replicating the S&P 500 Net Zero 2050 Paris-Aligned Sustainability Screened Index by holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID explicitly state that the Fund may use financial derivative instruments (FDIs) to help achieve the investment objective, but this is for direct investment purposes and risk management, not synthetic replication. There is no mention of swap agreements, total return swaps, or any funded/unfunded swap structures. The monthly factsheet confirms physical replication with 291 holdings, all equities, no complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (5 out of 7) reflecting equity market risk and ESG screening impact, but no leverage or inverse exposure is present. Costs are straightforward with a low ongoing charge (0.07%) and no performance fees. Counterparty risk is noted only in relation to safekeeping and derivative counterparties, which is standard for UCITS ETFs and does not imply complexity. There are no capital protection or structured features. The index tracked is a sustainability-screened subset of the S&P 500, which may reduce the investable universe but does not add complexity under MiFID II. No comprehension warnings or PRIIPs complexity flags are present. Overall, the Fund exhibits a clear, linear relationship to the underlying index performance with minimal derivative use for risk management, physical replication, and no leverage or complex underlying assets, leading to a non-complex classification."
}