{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares \u20ac Corp Bond ESG Paris-Aligned",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares \u20ac Corp Bond ESG Paris-Aligned ETF is a UCITS-compliant fixed income ETF that aims to track the Bloomberg MSCI Euro Corporate Climate Paris Aligned ESG Select Index. The fund uses a physical replication method with a sampled approach to invest directly in fixed income securities (corporate bonds) that make up the index or provide similar performance. The KIID and PRIIPs KID documents confirm that derivatives may be used only for direct investment purposes or optimising techniques, but there is no indication that derivatives or swaps are an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, 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 low (risk level 2 in PRIIPs KID and 3 in KIID), consistent with a straightforward fixed income ETF. Costs are simple, with a TER of 0.15% and no performance fees or swap fees. Securities lending is used but revenue sharing does not increase costs. The monthly factsheet confirms physical sampling and no use of swaps or synthetic structures. There are no capital protection or structured features. Overall, the fund exhibits characteristics of a non-complex ETF under MiFID II, with direct investment in liquid, transparent fixed income securities and minimal derivative use for risk management rather than strategy. The ESG screening and index complexity do not elevate the fund to complex status as they do not introduce leverage, derivatives, or structured features. Therefore, the classification is non-complex."
}