{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Active management with quantitative factor exposure; securities lending; use of derivatives only for efficient portfolio management",
    "classification": "non-complex",
    "supporting_data": "The HSBC PLUS World Equity Quant Active UCITS ETF primarily invests in shares of companies in developed markets, using physical securities and securities similar to shares such as ADRs and GDRs, which are alternatives to direct ownership but do not imply synthetic replication. The fund is actively managed with a quantitative investment process focusing on factor exposures (value, quality, momentum, low risk, size) rather than tracking an index. The KIID states derivatives may be used for efficient portfolio management (risk and cost management or generating additional capital/income) but not as an inherent part of the investment strategy, indicating derivatives use is ancillary and not for leverage or synthetic replication. There is no mention of swap agreements, total return swaps, or funded/unfunded swap structures. No leverage or inverse exposure is indicated, and the risk level is 6 due to price fluctuations, not due to leverage or complex derivative structures. Securities lending is used but capped at 30%, which is common and not a complexity driver. The fund does not have capital protection or structured features. The risk disclosures mention counterparty risk and derivatives risk but in the context of efficient portfolio management, not synthetic replication. Fees are straightforward with no performance fees or swap fees. The fund is UCITS compliant, listed on exchanges, and allows daily liquidity. Overall, the fund\u2019s structure and investment approach do not meet MiFID II complexity criteria related to synthetic replication, leverage, complex underlying assets, or capital protection mechanisms. Therefore, it is classified as non-complex."
}