{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Europe Paris-Aligned Climate UCITS ETF",
    "investment_objective": "To achieve a return reflecting the MSCI Europe Climate Paris Aligned Benchmark Select Index through capital growth and income",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed European countries",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant equity ETF that physically replicates the MSCI Europe Climate Paris Aligned Benchmark Select Index by holding the underlying equity securities in similar proportions. There is no indication of synthetic replication or use of swap agreements. The fund may use financial derivatives only for direct investment purposes, but this is not inherent to the strategy and derivative use is minimal and for risk management rather than exposure. There is no leverage, inverse or amplified exposure. The risk indicator is moderate (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to equity market risk and ESG screening, not complexity). The fund invests in liquid, large and mid-cap equities across developed Europe, with no complex underlying assets such as contingent convertible bonds or CLOs. No capital protection or structured features are present. Costs are straightforward with a TER of 0.15%, no performance fees, and no swap or derivative fees. The fund engages in limited securities lending with revenue sharing but this does not increase complexity. Counterparty risk disclosures relate to normal custodial and operational risks, not to synthetic replication or unfunded swaps. The monthly factsheet confirms physical replication and no use of swaps or leverage. The index tracked is ESG-screened but does not involve complex derivatives or structured products. No PRIIPs comprehension warnings or complexity flags are present. Overall, the fund\u2019s structure and strategy are straightforward and transparent, consistent with a non-complex classification under MiFID II."
}