{
    "fund_name": "Franklin MSCI Emerging Markets Paris Aligned Climate UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index (Paris Aligned Climate Benchmark)",
        "Emerging Markets Exposure"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication and does not employ derivatives for investment purposes, only for efficient portfolio management. The primary complexity factor is the underlying index (MSCI Emerging Markets Climate Paris Aligned Net Total Return Index), which involves climate alignment criteria and may be less transparent to retail investors. However, since the ETF itself does not use derivatives for investment purposes and maintains a straightforward structure, it is classified as non-complex under MiFID II. The fact sheet confirms physical replication and no swap usage, reinforcing this assessment.",
    "confidence": 90
}