{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Europe Paris-Aligned Climate UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that physically replicates the MSCI Europe Climate Paris Aligned Benchmark Select Index by holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the fund uses physical replication and only mentions limited use of financial derivative instruments (FDIs) to help achieve the investment objective, but these are not inherent to the strategy and are used for risk management or efficient portfolio management, thus derivatives are not considered a complexity factor here. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market risk and ESG screening, not complexity). Costs are straightforward with a low TER of 0.15%, no performance fees, and no complex fee structures. Securities lending is used but revenue sharing does not increase costs and is standard practice. The monthly factsheet confirms physical replication, no use of swaps, and a portfolio of 277 equity holdings across developed European markets. No capital protection or structured features are present. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with transparent holdings and no complex derivative or leverage structures. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}