{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS MSCI World ex USA Climate Paris Aligned UCITS ETF",
    "investment_objective": "Passive replication of the MSCI World ex USA Climate Paris Aligned Index (Net Return), an equity index of large and mid-cap stocks across developed markets, aligned with Paris Agreement climate goals.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Developed markets ex USA (global developed countries excluding USA)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical full replication of a broad equity index (MSCI World ex USA Climate Paris Aligned Index) with no mention of synthetic replication or swap agreements. The KIID and PRIIPs KID both confirm that derivatives may be used only for risk reduction or cost efficiency, not as a core part of the investment strategy, so derivatives are not considered inherent to the strategy. The factsheet explicitly states 'Replication methodology: Physical (Full replicated)'. There is no leverage, inverse or amplified exposure language. The fund invests directly in liquid, transparent equity securities with a broad diversification across sectors and countries. The risk profile in the KIID is 6 (high volatility typical for equity funds) but the PRIIPs KID risk indicator is 4 (medium risk), reflecting moderate risk perception. No capital protection or structured features are present. Fees are straightforward with a low TER (0.15%) and no performance fees or swap fees. No counterparty risk or collateral management risks are disclosed beyond normal market risks. The index tracked is complex in that it applies climate transition criteria, but this does not add complexity under MiFID II as the fund holds the underlying securities physically and does not use complex derivatives or contingent bonds. There is no mention of roll costs, contango, or backwardation effects. The fund is UCITS compliant and regulated by the Central Bank of Ireland. Overall, the ETF exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex."
}