{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "High Yield Fallen Angels Bonds, Optimisation Sampling, Counterparty Risk",
    "classification": "non-complex",
    "supporting_data": "The Tabula Global High Yield Fallen Angels Paris-aligned Climate UCITS ETF is a UCITS-compliant ETF that physically replicates the Bloomberg MSCI Global Corporate Fallen Angels Paris-Aligned Index by investing directly in a portfolio of high yield corporate bonds. The fund uses an optimisation (sampling) strategy but does not employ synthetic replication or swap agreements. The KIID and PRIIPs KID explicitly state that Financial Derivative Instruments (FDIs) may be used but only to a limited extent and for direct investment purposes, not as an inherent part of the replication strategy. There is no mention of funded or unfunded swaps, total return swaps, or significant derivative counterparty risk beyond standard counterparty risk disclosures related to safekeeping and operational counterparties. The fund does not use leverage, inverse or amplified exposure, nor does it have capital protection or structured features. The risk rating is moderate (4 in KIID, 3 in PRIIPs KID), consistent with the underlying high yield bond exposure rather than complexity. Costs are straightforward with a single ongoing charge (TER) of 0.55%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms direct bond holdings (137 bonds, 76 issuers) with no indication of synthetic replication or leverage. The complexity arises mainly from the nature of the underlying assets (fallen angels high yield bonds) and the optimisation sampling approach, which may cause tracking error and require some investment knowledge, but these factors alone do not trigger a complex classification under MiFID II. The PRIIPs KID includes a 'not simple and may be difficult to understand' warning, reflecting the high yield bond nature and ESG overlay, but this is not sufficient to classify the ETF as complex given the absence of synthetic replication, leverage, or structured features."
}