{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index Construction",
        "ESG Screening Criteria"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI EMU Paris-Aligned Climate EUR (Dist) ETF is classified as non-complex under MiFID II. The fund uses physical replication to track the MSCI EMU Climate Paris-Aligned Benchmark Select Index, which is a complex index but does not inherently make the ETF complex. The fund does not use leverage, inverse strategies, or synthetic replication methods. While the index has complex ESG screening criteria, the fund's straightforward physical replication approach and transparent equity holdings (153 stocks) make it suitable for retail investors. The risk profile is rated 6, which is moderate, and the fund's use of derivatives is limited to efficient portfolio management (e.g., hedging or reducing transaction costs), not for speculative purposes. The PRIIPs KID and factsheet confirm no swap usage or synthetic replication, reinforcing the non-complex classification.",
    "confidence": 90
}