{
    "fund_name": "iShares MSCI Europe Paris-Aligned Climate UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex ESG screening methodology",
        "Potential counterparty risk from securities lending",
        "ESG criteria may reduce investment universe"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Europe Climate Paris Aligned Benchmark Select Index, which focuses on ESG criteria and climate alignment. While it may use derivatives for efficient portfolio management, there is no evidence of synthetic replication, leverage, or inverse strategies. The risk profile is rated 6/7, but this is typical for equity ETFs. The main complexity factors are the ESG screening methodology and potential counterparty risk from securities lending, but these do not meet the MiFID II threshold for complexity. The fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 90
}