{
    "type": "ETF",
    "ucits": true,
    "fund_name": "HSBC Global Funds ICAV - Global Government Bond UCITS ETF",
    "investment_objective": "Track as closely as possible the performance of the FTSE World Government Bond Index (total return hedged to US dollars)",
    "primary_asset_class": "Bond",
    "geographic_focus": "Global, developed and emerging markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF investing primarily in investment grade government bonds globally. It uses physical replication with an optimisation technique to minimise tracking error and trading costs, but does not use synthetic replication or swap agreements. Derivatives are only used for hedging and efficient portfolio management, not as an inherent part of the investment strategy, so derivatives exposure is minimal and not leveraged. There is no mention of funded or unfunded swaps, counterparty risk related to swaps, or leverage above 1:1. The risk profile is moderate to low (Risk category 2-4 in KIID and PRIIPs), with no capital protection or structured features. Costs are straightforward with a low ongoing charge (0.10%) and no performance fees. Securities lending is used but limited to 25-30% of assets, which is typical and not a complexity driver. The underlying assets are liquid, transparent government bonds with no complex structured products or contingent convertible bonds. The PRIIPs KID confirms a low risk indicator (2/7) and no complexity warnings or comprehension warnings. The monthly factsheet confirms no synthetic replication or leverage, and the fund holds a broad, liquid portfolio of government bonds. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}