{
    "type": "ETF",
    "ucits": true,
    "fund_name": "HSBC MSCI USA Islamic ESG UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The HSBC MSCI USA Islamic ESG UCITS ETF is a UCITS-compliant ETF that physically replicates the MSCI USA Islamic ESG Universal Screened Select Index by investing directly in the underlying shares. The fund uses physical full replication, holding large and mid-cap US equities that comply with Shariah principles and ESG criteria. There is no indication 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, inverse exposure, or capital protection features. The risk rating is 5 out of 7, reflecting market risk but not complexity from derivatives or leverage. The fund invests in liquid, transparent equity securities without complex structured products or contingent bonds. Costs are straightforward with a TER of 0.30%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no leverage, and no use of swaps. Overall, the fund exhibits a clear, linear relationship to the underlying index performance and minimal derivative exposure used only for FX hedging, which is standard and not complexity-driving under MiFID II. Therefore, the fund is classified as non-complex."
}