{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The HSBC MSCI USA Islamic ESG UCITS ETF is classified as non-complex primarily due to its UCITS status. MiFID II rules, supported by ESMA guidance (CESR/09-295, Paragraph 69), explicitly state that UCITS are presumed non-complex for appropriateness purposes, regardless of the underlying instruments in which they invest, as the UCITS framework is designed to provide investor protection and simplify the product. The ETF uses physical replication by investing in the underlying shares of the index constituents, which is a straightforward and transparent method. While the ETF's investment policy mentions the use of 'Shariah-compliant foreign exchange contracts (including spot and forward contracts) for hedging purposes', and notes 'Counterparty Risk' as a material risk, this derivative use is explicitly for efficient portfolio management (hedging currency risk) and not integral to the fund's core index replication strategy (e.g., synthetic replication via total return swaps). The provided rules define such limited EPM derivative use as non-complex if its impact is minimal. Crucially, the specific instruction in the prompt only requires classification as 'complex' if 'Contingent Bonds or any Swap usage is identified'. Foreign exchange forward contracts, while derivatives, are not explicitly 'swaps' in this context, nor are there contingent bonds. The index itself, though based on ESG and Shariah screening, is a transparent MSCI equity index with a publicly available methodology, not an opaque or inherently complex index (e.g., one based on derivatives or illiquid assets). The fund's risk indicator (category 6) reflects market volatility, not structural complexity. No significant leverage beyond UCITS limits is indicated, nor are there references to roll costs, contango, or backwardation effects associated with more complex structures."
    }
}