{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - MSCI USA Climate Paris Aligned UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fund that physically replicates the MSCI USA Climate Paris Aligned Index using full physical replication, holding the majority of the underlying securities in similar weightings to the index. The KIID and PRIIPs KID documents confirm that the fund may use derivatives only for risk reduction or cost efficiency, not as an inherent part of the investment strategy, and such use is limited and does not imply synthetic replication or swap usage. The factsheet explicitly states physical (full) replication and no securities lending. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk beyond normal market risks. 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 profile is medium (4 out of 7) in PRIIPs KID and 5-6 in the KIID, reflecting equity market volatility rather than structural complexity. Costs are straightforward with a low TER (~0.09%) and no performance fees or swap fees. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The index tracked is a climate-focused equity index with 217 constituents, large and mid-cap US equities, which are liquid and transparent. No capital protection or structured features are present. Overall, the fund exhibits a clear, linear relationship to the underlying index performance with minimal derivative use for hedging, physical replication, no leverage, and no complex underlying assets, leading to a non-complex classification under MiFID II."
}