{
    "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 ETF is a UCITS-compliant exchange-traded fund that aims to replicate the MSCI World Climate Paris Aligned Benchmark Select Index by physically holding the underlying equity securities in similar proportions. The KIID and PRIIPs KID documents confirm the use of physical replication with no mention of synthetic replication, swap agreements, or total return swaps. While the fund may use financial derivative instruments (FDIs) to help achieve its investment objective, these are used for direct investment purposes and not as an inherent element of the strategy, thus derivatives are considered non-complex in this context. There is no leverage, inverse or amplified exposure indicated. The risk profile is medium (risk level 4 out of 7 in PRIIPs KID, 6 in KIID but mainly due to equity market risk and counterparty risk related to safekeeping, not due to complex derivatives). The fund invests in a broad, liquid equity universe with over 500 holdings, no complex underlying assets such as contingent convertible bonds or CLOs are mentioned. The fund engages in short-term securities lending, but this is disclosed transparently and does not add complexity under MiFID II. Costs are straightforward with a TER of 0.20%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not carry a comprehension warning. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Counterparty risk is noted but relates to custodial and securities lending counterparties, which is typical and does not alone trigger complexity classification. Overall, the fund's structure, replication method, underlying assets, and risk disclosures support a non-complex classification under MiFID II."
}