{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivatives (including swaps) used for investment and efficient portfolio management, up to 10% of assets; securities lending up to 30% of assets; counterparty risk present",
    "supporting_data": "The ETF is a UCITS-compliant, physically replicated fund tracking the MSCI Europe Climate Paris Aligned Index. It may use derivatives (including total return swaps and contracts for difference) for both investment and efficient portfolio management purposes, with exposure to such instruments capped at 10% of assets (not expected to exceed 5%). Securities lending is permitted up to 30% of assets (not expected to exceed 25%). The fund is passively managed, holds the underlying securities of the index, and does not employ leverage beyond UCITS limits. The risk profile is high (category 6), reflecting market volatility, not structural complexity. The use of derivatives introduces counterparty risk, but the overall structure remains transparent and aligned with UCITS rules. The index is transparent and the fundu2019s objective is straightforward, but the presence of derivatives and securities lendingu2014even if limitedu2014introduces elements that may be difficult for a retail investor with basic knowledge to fully understand, particularly regarding counterparty and collateral risk.",
    "classification": "non-complex"
}