{
    "fund_name": "Invesco MSCI Emerging Markets ESG Climate Paris Aligned UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex index construction with ESG and climate alignment criteria",
        "Emerging markets exposure with higher risk profile",
        "Potential securities lending activities"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Emerging Markets ESG Climate Paris Aligned Benchmark Select Index. While the index has complex construction criteria (ESG, climate alignment, Paris Agreement requirements), the fund itself does not use derivatives for leverage or synthetic replication. The primary complexity factors are the emerging markets exposure and the sophisticated index methodology, but these do not trigger MiFID II complexity classification. The fund's risk profile (category 6) reflects emerging markets risk but is transparent and understandable for retail investors. The use of derivatives is limited to risk management purposes (not for leverage or inverse exposure) and does not create additional complexity. Securities lending is mentioned but is a common practice in ETFs and does not automatically trigger complexity.",
    "confidence": 90
}