{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The HSBC MSCI World Islamic ESG UCITS ETF is a UCITS-compliant ETF that physically replicates the MSCI World Islamic ESG Universal Screened Select Index by investing directly in the underlying shares. The KIID and PRIIPs KID documents confirm the fund uses physical full replication and only employs Shariah-compliant foreign exchange contracts for hedging purposes, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative counterparty risk. The fund does not use leverage or inverse exposure, and the risk indicator is moderate (4 out of 7 in PRIIPs KID, 6 in KIID but this is due to market volatility rather than leverage). The underlying assets are large and mid-cap equities across developed markets, with no complex structured products or contingent bonds. The fund does not have capital protection or structured features. Costs are straightforward with a single ongoing charge of 0.30%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication, no use of swaps, and no leverage. The fund's complexity is low, and it is suitable for retail investors with a medium risk tolerance. There are no complexity flags such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, under MiFID II, this ETF is classified as non-complex."
}