{
    "type": "ETF",
    "ucits": true,
    "fund_name": "HSBC Global Funds ICAV - US Corporate Bond UCITS ETF",
    "investment_objective": "Provide income and capital growth by tracking the Bloomberg US Corporate Bond Index (total return).",
    "primary_asset_class": "Bond",
    "geographic_focus": "US Dollar denominated corporate bonds from US and non-US issuers",
    "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 that physically invests in investment grade US corporate bonds to track the Bloomberg US Corporate Bond Index. The KIID and PRIIPs KID confirm the Fund uses physical replication with an optimisation technique to minimise tracking error, not synthetic replication or swap-based structures. Derivatives are only used for efficient portfolio management (risk and cost 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, total return swaps, or counterparty risk related to swaps. Leverage is not employed, and the risk indicator is moderate-low (3/7), consistent with a straightforward bond ETF. The Fund does not invest in complex underlying assets such as contingent convertible bonds or CLOs, nor does it have capital protection or structured features. Costs are simple with a low ongoing charge and no performance fees. The monthly factsheet confirms physical holdings of nearly 1900 bonds, no synthetic replication, and no leverage. The Fund may engage in securities lending up to 30% of assets but this is standard and does not increase complexity under MiFID II. No PRIIPs comprehension warnings or complexity flags are present. Overall, the Fund exhibits characteristics of a non-complex ETF under MiFID II."
}