{
    "type": "ETF",
    "ucits": true,
    "fund_name": "HSBC Global Funds ICAV - Global ESG Government Bond UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF tracking the Bloomberg MSCI Global Treasury ESG Weighted Bond Index, primarily investing in investment grade government bonds and similar securities. The replication method is physical, using an optimisation technique to minimise tracking error but investing directly in bonds rather than synthetic replication. The Fund may use derivatives only for hedging and efficient portfolio management purposes, not as an inherent part of the investment strategy, so derivative use is limited and not a complexity driver. There is no leverage, inverse or amplified exposure. The risk profile is low to medium (Risk category 3 in KIID, 2 in PRIIPs), indicating moderate risk but no complexity flags. No capital protection or structured features are present. Counterparty risk is disclosed but typical for bond funds and not significant enough to drive complexity classification. Costs are straightforward with a low ongoing charge (0.15%) and no performance fees or complex fee structures. Securities lending is limited and not expected to exceed 25%, which is standard and not a complexity factor. The PRIIPs KID confirms a low risk indicator (2/7) and no comprehension warnings. The monthly factsheet confirms physical holdings in government bonds, no synthetic swap usage, no leverage, and no complex underlying assets such as contingent convertible bonds or CLOs. Overall, the Fund exhibits a clear, linear relationship to the underlying index performance, invests in liquid, transparent securities, and uses derivatives only for risk management, not for synthetic exposure or leverage. Therefore, under MiFID II, this ETF is classified as non-complex."
}