{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI World Paris-Aligned Climate",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI World Paris-Aligned Climate UCITS ETF is a physically replicated equity ETF that aims to track the MSCI World Climate Paris Aligned Benchmark Select Index by holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the fund uses physical replication without synthetic or swap-based structures. While the fund may use financial derivative instruments (FDIs) to help achieve its investment objective, these are not inherent to the strategy but rather for efficient portfolio management, so derivative use is not considered a complexity driver. There is no mention of funded or unfunded swaps, total return swaps, or counterparty exposure beyond normal custodial and securities lending 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 structured products. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by equity market risk and counterparty risk typical of securities lending and custody, not complexity). Costs are straightforward with a TER of 0.20%, no performance fees, and no complex fee structures. The fund engages in short-term securities lending, but this is disclosed and does not increase complexity classification. The benchmark index is ESG-screened but does not introduce complexity through derivatives or structured features. No capital protection or structured return features are present. The monthly factsheet confirms physical replication and no use of swaps or synthetic replication. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}