{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The HSBC Global Funds ICAV - Global ESG Government Bond UCITS ETF is classified as non-complex. The ETF aims to track the Bloomberg MSCI Global Treasury ESG Weighted Bond Index. It uses physical replication, investing in investment grade government bonds. The ETF may utilize derivatives for hedging and efficient portfolio management (EPM), which is not necessarily a factor in complex classification. Securities lending is a possibility but is limited and well-managed within UCITS rules. The structure and risks are straightforward and easily understood by retail investors.  The KID states the fund is classified in category 3, indicating low to medium fluctuations historically. No significant use of leverage or complex derivatives beyond EPM is noted. Therefore, it is a non-complex product as per MiFID II guidelines.  The ESMA Supervisory Briefing states that for u2018execution-onlyu2019 the assessment needs to be done to define u201ccomplexu201d and u201cnon-complexu201d investment products."
    }
}