{
    "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 - Japan Government Bond UCITS ETF is a UCITS-compliant ETF that aims to track the Bloomberg Global Japan Total Return Index by investing primarily in Japanese government bonds, which are the index constituents. The fund uses physical replication through direct investment in underlying securities and employs optimisation techniques to minimise tracking error, without embedding derivatives or leverage as part of its core strategy. Derivatives may be used only for hedging and efficient portfolio management purposes, not as an inherent element of the investment strategy, thus derivatives exposure is minimal and risk-managed. There is no mention of synthetic replication, swap agreements, funded or unfunded swaps, or counterparty exposure related to derivatives. The fund does not use leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is moderate (category 4), reflecting medium price fluctuations typical of government bond funds, with no elevated complexity risk indicators. Costs are straightforward with a low ongoing charge and no performance fees or complex fee structures. Securities lending is limited and disclosed transparently. No capital protection or structured features are present. Overall, the fund exhibits a clear, linear relationship to its underlying index and invests in liquid, transparent securities, supporting a non-complex classification under MiFID II."
}