{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The HSBC Global Funds ICAV - US Treasury Bond UCITS ETF is a UCITS-compliant ETF that physically replicates the Bloomberg US Treasury Index by investing directly in US government bonds, which are the index constituents. The fund does not embed derivatives or leverage as part of its investment strategy, although it may use derivatives solely for hedging and efficient portfolio management purposes, which does not trigger complexity under MiFID II. There is no mention of synthetic replication, swap agreements, or counterparty risk related to derivatives. The fund's leverage is explicitly stated as not embedded, and the risk profile is moderate (risk category 3 out of 7), consistent with a straightforward bond ETF. The underlying assets are highly liquid US Treasury bonds with high credit quality (AAA/AA+), and the fund does not invest in complex structured products or contingent convertible bonds. Costs are simple, with a low ongoing charge and no performance fees or swap fees. Securities lending is used but limited and does not imply complexity. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The monthly factsheet confirms physical holdings, no leverage, and no synthetic structures. Therefore, the fund is classified as non-complex under MiFID II."
}