{
    "type": "ETF",
    "ucits": true,
    "fund_name": "HSBC FTSE EPRA NAREIT DEVELOPED ISLAMIC UCITS ETF",
    "investment_objective": "Track the FTSE EPRA Nareit IdealRatings Developed Islamic Index, focusing on Shariah-compliant REITs and real estate companies in developed markets.",
    "primary_asset_class": "Equity (Real Estate Investment Trusts - REITs)",
    "geographic_focus": "Developed markets, predominantly United States (86.43%), Australia, UK, and other developed countries",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical full replication of the underlying index, investing directly in shares of Shariah-compliant REITs and real estate companies. There is no mention of synthetic replication, swap agreements, or derivative instruments used for investment purposes\u2014only Shariah-compliant FX contracts for hedging, which does not trigger derivative complexity. The fund is UCITS compliant and does not employ leverage or inverse strategies. The risk profile is medium-high (5/7) mainly due to the underlying asset class (real estate equities) and concentration risk, not due to structural complexity. No capital protection or structured features are present. Costs are straightforward with a TER of 0.35% and no performance fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication, no use of swaps or leverage, and a transparent, liquid underlying index. The index tracked applies Shariah screening but does not involve complex structured products or contingent bonds. Therefore, the ETF is classified as non-complex under MiFID II criteria."
}