{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Investment in securitised bonds including ABS, MBS, CMBS; ESG screening and optimisation; securities lending up to 30%",
    "classification": "non-complex",
    "supporting_data": "The HSBC Global Funds ICAV - Global Aggregate Bond ESG UCITS ETF tracks the Bloomberg MSCI Global Aggregate SRI Carbon ESG-Weighted Select Index using a physical replication method with optimisation to minimize tracking error. There is no mention of synthetic replication, swap agreements, or total return swaps in the KIID, PRIIPs KID, or monthly factsheet. The Fund may use derivatives only for hedging and efficient portfolio management purposes, not as an inherent part of the investment strategy, so derivatives are marked false. Leverage is not employed, and the risk indicator is low (2 out of 7), indicating low complexity. The underlying assets are investment grade bonds including government, corporate, and securitised bonds (ABS, MBS, CMBS), which are standard fixed income instruments, though securitised bonds can be somewhat complex but are common in bond ETFs. The Fund engages in securities lending up to 30%, which is disclosed but does not imply complexity under MiFID II. No capital protection or structured features are present. Costs are straightforward with a low ongoing charge (0.09%) and no performance fees. Counterparty risk disclosures relate to normal securities lending and derivative hedging activities, not synthetic replication. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the ETF is UCITS compliant, physically replicates a transparent fixed income index, and does not use leverage or synthetic structures, leading to a non-complex classification under MiFID II."
}