{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivative usage for direct investment purposes"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI World Paris-Aligned Climate ETF is a physically replicated UCITS ETF that primarily holds equity securities to track its benchmark index. While the KIID mentions the use of financial derivative instruments (FDIs) for direct investment purposes, this appears to be for efficient portfolio management rather than as a core strategy. The ETF does not exhibit leverage, inverse exposure, or synthetic replication. The risk profile is moderate (rated 6 on a 7-point scale), but this is primarily due to equity market risks rather than structural complexity. The ETF is transparent, liquid, and designed for retail investors, with clear disclosure of risks and costs. The derivative usage is limited and does not introduce significant additional risk or require specialist knowledge to understand.",
    "confidence": 90
}