{
    "type": "ETF",
    "ucits": true,
    "fund_name": "HSBC S&P 500 UCITS ETF",
    "investment_objective": "Track as closely as possible the returns of the S&P 500 Index by investing in shares of companies in the Index or gaining exposure through other investments if direct investment is not possible.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps"
    ],
    "classification": "complex",
    "supporting_data": "The Fund primarily uses physical replication investing directly in shares of the S&P 500 companies. However, it may invest up to 10% of its assets in total return swaps and contracts for difference, which are derivative instruments. The use of these swaps is not for leverage but to gain exposure when direct investment is not possible or for efficient portfolio management. The Fund is UCITS compliant and does not employ leverage or inverse strategies. The risk profile is medium-high (category 5 out of 7), reflecting market volatility rather than leverage. The presence of swap agreements, even at a limited level, triggers a complex classification under MiFID II. There is no capital protection or structured product features. Costs are straightforward with no performance fees, and ongoing charges are low (0.09%). The PRIIPs KID and monthly factsheet confirm the swap usage and physical replication approach. The Fund\u2019s complexity arises mainly from the partial use of derivatives (swaps) and the potential counterparty risk associated with these instruments, despite the overall straightforward equity index tracking objective."
}