{
    "type": "ETF",
    "ucits": true,
    "fund_name": "HSBC Global Funds ICAV - Global ESG Government Bond UCITS ETF",
    "investment_objective": "Track Bloomberg MSCI Global Treasury ESG Weighted Bond Index (total return hedged to USD) with ESG tilt",
    "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, tracking the Bloomberg MSCI Global Treasury ESG Weighted Bond Index. The Fund uses physical replication with an optimisation technique to minimise tracking error and trading costs, but does not use synthetic replication or swap agreements. Derivatives are only used for hedging and efficient portfolio management, not as an inherent part of the investment strategy, so derivatives exposure is minimal and not leveraged. There is no mention of funded or unfunded swaps, counterparty risk beyond normal levels, or leverage. The risk and reward indicator is low to medium (category 3 in KIID, 2 in PRIIPs), consistent with a straightforward bond ETF. The Fund may engage in securities lending up to 30% of assets, but this is a common practice and does not increase complexity under MiFID II. The underlying assets are liquid government bonds with no contingent convertible bonds or complex structured products. No capital protection or structured features are present. Costs are simple with a low ongoing charge (0.15%) and no performance fees. The PRIIPs KID confirms a low risk indicator (2/7) and no comprehension warnings. The monthly factsheet confirms physical holdings, no synthetic replication, no leverage, and no complex derivatives usage. Overall, the Fund exhibits characteristics of a non-complex ETF under MiFID II rules."
}