{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "No embedded derivatives or leverage.",
            "Tracks a well-documented index (Bloomberg US Treasury).",
            "Uses derivatives only for hedging and efficient portfolio management (EPM).",
            "Replication method is physical, which is considered straightforward."
        ],
        "classification": "non-complex",
        "supporting_data": "The fund, HSBC Global Funds ICAV - US Treasury Bond UCITS ETF, aims to replicate the Bloomberg US Treasury Index (total return).  It explicitly states that it does not use leverage, and its investment policy involves physical replication, which is a straightforward method of tracking an index.  The use of derivatives is limited to hedging and efficient portfolio management.  The description of the index and the fund's objective indicate a simple investment strategy easily understood by retail investors with basic knowledge, thus meeting the criteria for non-complexity."
    }
}