{
    "type": "ETF",
    "ucits": true,
    "fund_name": "HSBC Global Funds ICAV - Global Government Bond UCITS ETF",
    "investment_objective": "Track as closely as possible the performance of the FTSE World Government Bond Index (total return hedged to US dollars)",
    "primary_asset_class": "bond",
    "geographic_focus": "Global (developed and emerging markets government bonds)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF investing primarily in investment grade government bonds globally, using physical replication with an optimisation technique to minimise tracking error. The KIID and PRIIPs KID confirm that derivatives are used only for hedging and efficient portfolio management, not as an inherent part of the investment strategy, and there is no mention of synthetic replication, swap agreements, or funded/unfunded swaps. Leverage is not employed, and the risk indicator is low (2 out of 7 in PRIIPs KID). The Fund invests directly in liquid, transparent government bonds, with no complex underlying assets such as contingent convertible bonds or CLOs. Securities lending is used but limited to 25-30% of assets, which is common and does not imply complexity. Costs are straightforward with a low ongoing charge (0.10%) and no performance fees. The monthly factsheet confirms physical holdings of government bonds, no synthetic structures, and no leverage. The Fund\u2019s risk disclosures highlight normal bond risks, currency risk, and counterparty risk related to securities lending and hedging derivatives, but these are standard and do not elevate complexity under MiFID II. There is no PRIIPs comprehension warning or other indicators of complexity. Therefore, the Fund is classified as non-complex under MiFID II."
}