{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Franklin Catholic Principles Emerging Markets Sovereign Debt UCITS ETF",
    "investment_objective": "Track the ICE Catholic Principles ESG Emerging Markets External Sovereign Index, providing exposure to Euro and US Dollar-denominated sovereign debt issued by emerging market countries with ESG criteria applied.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Emerging Markets Sovereign Debt (USD and EUR denominated)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF physically holds a diversified portfolio of emerging market sovereign bonds denominated in USD and EUR, tracking an ESG-adjusted bond index. The replication method is optimised physical replication, with no mention of synthetic replication or swap usage in the KIID, PRIIPs KID, or factsheet. The Fund may use derivatives only for efficient portfolio management (EPM) purposes, which does not trigger complexity under MiFID II. There is no leverage, inverse or amplified exposure. The risk profile is moderate-low (risk level 3/7), consistent with a bond ETF investing in sovereign debt. The Fund is UCITS compliant, with a TER of 0.35%, no performance fees, and no complex fee structures. The underlying assets are sovereign bonds, which are liquid and transparent, with no contingent convertible bonds or structured products. Counterparty risk disclosures relate only to standard EPM derivative counterparties, not inherent to the strategy. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms physical replication and no synthetic swap usage. Therefore, the ETF does not meet MiFID II criteria for a complex financial instrument."
}