{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - MSCI Emerging Markets 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 Emerging Markets Climate Paris Aligned Index using stratified sampling, holding the majority of the securities in the index. The KIID and PRIIPs KID documents confirm that derivatives may be used only for risk reduction or cost efficiency, not as an inherent part of the investment strategy, and there is no mention of synthetic replication, swap agreements, or counterparty risk beyond normal derivative risk disclosures. The factsheet explicitly states physical replication and stratified sampling, with no indication of synthetic replication or funded/unfunded swaps. There is no leverage, inverse or amplified exposure. The risk profile is medium (4 out of 7 in PRIIPs KID, 5 out of 7 in KIID), consistent with equity market volatility in emerging markets, not complexity. Costs are straightforward with a low TER (0.16%) and no performance fees or swap fees. No capital protection or structured features are present. The underlying assets are equities in emerging markets, with no complex bonds or structured products. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Therefore, the ETF does not meet MiFID II criteria for a complex financial instrument."
}