{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Complex index construction (Paris-Aligned Climate criteria)",
        "Potential for derivative use (though limited to EPM)",
        "ESG screening methodology may require specialist understanding"
    ],
    "classification": "non-complex",
    "supporting_data": "The Franklin S&P 500 Paris Aligned Climate UCITS ETF uses physical replication (as confirmed in the factsheet) and does not employ leverage, inverse strategies, or swaps for investment purposes. While it may use derivatives for efficient portfolio management (EPM), this is standard practice for many UCITS-compliant ETFs and does not trigger complexity under MiFID II. The index it tracks (S&P 500 Net Zero 2050 Paris-Aligned ESG Index) is complex in its construction due to its climate-aligned criteria, but this does not automatically make the ETF complex. The fund's risk profile is clearly disclosed, and it is UCITS-compliant, indicating suitability for retail investors. The absence of capital protection features, leverage, or inverse strategies further supports the non-complex classification.",
    "confidence": 90
}