{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Franklin MSCI Emerging Markets Paris Aligned Climate UCITS ETF",
    "investment_objective": "To track the performance of the MSCI Emerging Markets Climate Paris Aligned Net Total Return Index, providing exposure to large and mid-cap stocks in emerging markets aligned with the transition to a low carbon economy.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Emerging Markets (27 countries)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with an optimised subset of underlying securities to track the MSCI Emerging Markets Climate Paris Aligned Net Total Return Index. The KIID and PRIIPs KID confirm that derivatives may be used only for efficient portfolio management purposes, not as an inherent part of the investment strategy, thus derivatives exposure is minimal and not complexity-driving. There is no mention of synthetic replication, swap agreements, or counterparty risk related to derivatives. Leverage or inverse exposure is not present. The underlying assets are large and mid-cap equities in emerging markets, which are liquid and transparent. The risk profile is moderate (risk level 4 out of 7), consistent with equity market risk but without complexity flags such as capital protection or structured features. Costs are straightforward with a TER of 0.18%, no performance fees, and no swap or derivative fees. The factsheet confirms physical replication and no use of swaps. No complex underlying assets like contingent convertible bonds or CLOs are held. The PRIIPs KID does not include a comprehension warning, supporting the non-complex classification. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance with minimal derivative use solely for risk management, no leverage, and no structured or contingent features, leading to a non-complex classification under MiFID II."
}