{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Tabula EUR Ultrashort IG Bond Paris-Aligned Climate UCITS ETF is a UCITS-compliant ETF that physically replicates the Solactive ISS Paris Aligned Select 0-1 Year Euro Corporate IG Index. The fund invests primarily in EUR-denominated investment grade ultrashort corporate bonds, with no indication of synthetic replication or use of swap agreements. The factsheet confirms physical replication and no use of derivatives as an inherent part of the strategy, only possible limited use for hedging (currency hedging mentioned). There is no leverage, inverse or amplified exposure. The risk profile is low (risk rating 1), consistent with the underlying bond portfolio and short duration. The KIID and PRIIPs KID both explicitly state the product is 'not simple and may be difficult to understand' but this is due to ESG screening and bond selection complexity rather than derivative or leverage usage. No capital protection or structured features are present. Counterparty risk is disclosed but limited to custody and derivative counterparties, with no material swap exposure. Costs are straightforward with no performance fees or swap fees. The initial Tabula Global IG Credit Curve Steepener UCITS ETF described in the first KIID is a different product and is complex due to synthetic replication and CDS derivative usage, but the EUR Ultrashort IG Bond Paris-Aligned Climate UCITS ETF analyzed here is physically replicated and non-complex. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}