{
    "name": "Tabula Global High Yield Fallen Angels Paris-aligned Climate UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "High Yield Bonds",
        "ESG Screening Complexity",
        "Climate Alignment Strategy"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the Bloomberg MSCI Global Corporate Fallen Angels Paris-Aligned Index, with derivatives used only for direct investment purposes and expected to be limited. While it invests in high-yield bonds and employs an ESG screening process, these factors do not inherently make the product complex under MiFID II. The fund does not use leverage, inverse strategies, or synthetic replication, and its risk profile (rated 4) is primarily driven by the nature of its underlying assets rather than structural complexity. The use of derivatives is minimal and for direct investment rather than leverage or synthetic exposure.",
    "confidence": 85,
    "risk_level": 4,
    "counterparty_risk": true,
    "liquidity_risk": true,
    "credit_risk": true,
    "esg_screening": true,
    "currency_hedging": true,
    "benchmark_complexity": "moderate",
    "additional_notes": "While the ETF invests in high-yield bonds and employs a climate-aligned strategy, these factors are not sufficient to classify it as complex under MiFID II. The derivatives usage is limited and not for leverage or synthetic replication, and the fund's structure remains transparent and liquid. The ESG and climate alignment features add complexity in terms of understanding the underlying methodology but do not introduce structural or operational complexity that would trigger a 'complex' classification."
}