{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The index tracks Japanese Islamic ESG metrics. ESG factors alone don't typically drive complexity, the index itself is complex",
        "classification": "non-complex",
        "supporting_data": "The HSBC MSCI Japan Islamic ESG UCITS ETF tracks the MSCI Japan Islamic ESG Universal Screened Select Index. The KIID details the investment objective and policy including the replication method used. While the index methodology involves ESG screening, and it uses Shariah-compliant foreign exchange contracts for hedging purposes, the core strategy is physical replication of a transparent index. The ETF is listed on stock exchanges, and the risks mentioned primarily concern market volatility and tracking error, which do not render it complex based on MiFID II. The potential for the use of derivatives for hedging doesn't necessarily change the non-complex assessment as the derivatives use is described as being limited to EPM. The lack of significant leverage or complex features, the transparency, and the use of physical replication all support a non-complex classification. Given the fund's stated investment strategy, including the use of a transparent index and the approach to hedging, the fund doesn't involve complex investment techniques or opaque structures which might make it hard for retail investors to understand the risks."
    }
}