{
    "type": "ETF",
    "ucits": true,
    "fund_name": "HSBC MSCI Emerging Markets Islamic Screened Capped UCITS ETF",
    "investment_objective": "Track the MSCI EM (Emerging Market) Islamic Universal Screened Select Capped Index with ESG integration",
    "primary_asset_class": "Equity",
    "geographic_focus": "Emerging Markets (24 countries)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund physically replicates the MSCI EM Islamic ESG Universal Screened Select Capped Index by investing directly in shares of the underlying companies, as confirmed by the KIID and monthly factsheet. There is no mention of synthetic replication, swap agreements, or total return swaps. The Fund only uses Shariah-compliant foreign exchange contracts for hedging purposes, which does not constitute inherent derivative use in the investment strategy. There is no leverage or inverse exposure. The risk and reward indicator is at level 6 in the KIID, reflecting market volatility and emerging market risks, but this is due to the underlying asset class and geography rather than structural complexity. The Fund invests in liquid, large and mid-cap equities across emerging markets, with no complex structured products or contingent capital instruments. Costs are straightforward with a single ongoing charge and no performance fees or swap fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical full replication and no use of derivatives beyond FX hedging. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}