{
    "type": "ETF",
    "ucits": true,
    "fund_name": "HSBC MSCI Japan Islamic ESG UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The HSBC MSCI Japan Islamic ESG UCITS ETF is a UCITS-compliant equity ETF that physically replicates the MSCI Japan Islamic ESG Universal Screened Select Index by investing directly in the underlying shares. The fund uses physical full replication, with no indication of synthetic replication or use of swap agreements. Derivatives are only used for hedging foreign exchange risk, not as an inherent part of the investment strategy, so derivatives exposure is minimal and risk-managed. There is no leverage, inverse or amplified exposure. The underlying assets are large and mid-cap Japanese equities screened for Shariah compliance and ESG criteria, which are liquid and transparent securities. The fund does not invest in complex structured products, contingent convertible bonds, or other complex underlying assets. There are no capital protection or structured features. The risk rating is 6 in the KIID, reflecting market volatility of the underlying equities rather than complexity. The PRIIPs KID risk indicator is 4 out of 7, a medium risk level, consistent with a straightforward equity ETF. Costs are simple with a single ongoing charge of 0.30%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical full replication and no use of swaps or leverage. There are no complexity flags such as counterparty risk from swaps or structured product features. The fund\u2019s complexity is low and it is suitable for retail investors with a medium risk tolerance. Therefore, under MiFID II, this ETF is classified as non-complex."
}