{
    "type": "ETF",
    "ucits": true,
    "fund_name": "L&G MSCI Europe Climate Pathway UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The fund is a UCITS-compliant ETF that tracks the MSCI ACWI Select Climate 500 Index \u2013 Europe Subset using physical replication via an optimised portfolio of equity securities. The KIID and PRIIPs KID documents confirm the use of optimisation/representative sampling techniques but do not indicate synthetic replication or use of swap agreements. The fund may invest in financial derivative instruments (FDIs) only for efficient portfolio management or to replicate index performance, but this is not an inherent element of the investment strategy, so derivatives are marked false. There is no mention of funded or unfunded swaps, counterparty exposure, or derivative counterparty risk. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk rating is 6 (medium-high) reflecting equity market risk and ESG-related exclusions, but this does not alone indicate complexity under MiFID II. Costs are straightforward with a low ongoing charge (0.10%) and no performance fees. The fund does not have capital protection or structured features. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Overall, the fund exhibits a straightforward, physical index-tracking strategy with minimal derivative use for risk management, no leverage, and no complex underlying assets, leading to a non-complex classification under MiFID II."
}