{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Invesco MSCI USA ESG Climate Paris Aligned UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Invesco MSCI USA ESG Climate Paris Aligned UCITS ETF is a passively managed ETF aiming to track the MSCI USA ESG Climate Paris Aligned Benchmark Select Index by physical replication, holding as far as possible all securities in the index in their respective weightings. The fund is UCITS compliant and uses physical replication, with no mention of synthetic replication, swap agreements, or derivative instruments as part of its core investment strategy. Derivatives may be used only for risk management or cost reduction, not as an inherent element of the strategy, thus derivatives exposure is minimal and not complexity-driving. There is no leverage, inverse or amplified exposure. The underlying assets are large and mid-cap US equities with ESG criteria applied, which are liquid and transparent securities. The fund does engage in securities lending, but this is a common practice and does not add complexity under MiFID II. The risk profile is medium-high (risk category 5-6), reflecting equity market risk rather than structural complexity. No capital protection or structured features are present. Costs are straightforward with a low ongoing charge (0.09%) and no performance fees or swap fees. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The factsheet confirms physical replication and no use of swaps or synthetic structures. Therefore, the fund does not meet the MiFID II criteria for a complex financial instrument."
}