{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Active management with quantitative factor exposure; use of securities lending; potential derivative use for risk management only",
    "classification": "non-complex",
    "supporting_data": "The HSBC PLUS World Equity Income Quant Active UCITS ETF is a UCITS-compliant, actively managed equity ETF investing primarily in shares of developed market companies. The fund uses physical securities including American Depositary Receipts and similar instruments, with no indication of synthetic replication or swap usage. Derivatives are mentioned only for efficient portfolio management and risk management purposes, not as an inherent part of the investment strategy, thus derivatives exposure is minimal and non-complex. There is no leverage or inverse exposure. The fund does engage in securities lending up to 30% of assets, but this is a common practice and does not increase complexity under MiFID II. The risk profile is high (category 6) due to equity market volatility and active management but does not reflect structural complexity. No capital protection or structured features are present. No complex underlying assets such as contingent convertible bonds or CLOs are indicated. The fund does not track an index passively but is actively managed with factor-based quantitative strategies, which does not itself imply complexity under MiFID II. The charges are straightforward with no performance fees or swap fees. No PRIIPs KID or factsheet information was provided to contradict these findings. Therefore, the fund is classified as non-complex under MiFID II."
}