{
    "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 FTSE EPRA NAREIT DEVELOPED ISLAMIC UCITS ETF is classified as non-complex primarily due to its UCITS status and replication method. MiFID II rules (as per CESR/09-295, Section 3, paragraph 69) state that all UCITS are presumed non-complex by definition, irrespective of their underlying investments, for the purposes of appropriateness requirements, unless specific features make their structure, risks, or payoff difficult for retail investors to understand. This ETF explicitly states it is a 'UCITS ETF'.Its investment policy specifies 'physical replication' by aiming to 'invest in the shares of the companies in generally the same proportion as in the Index'. While it mentions gaining exposure through 'other Shariah compliant investments such as depositary receipts' in certain circumstances, this does not override the primary physical replication method. The use of 'foreign exchange contracts (including spot and forward contracts) for hedging purposes' is solely for efficient portfolio management (EPM) and managing risk (currency risk), not as an inherent element of its investment strategy or to create a complex payoff structure. The KII does not mention swap usage as a primary or integral part of its replication strategy; derivatives are stated to be for hedging only. The generic 'Investment Leverage Risk' mentioned in the KII is a general risk disclosure and does not imply that this specific fund utilizes significant leverage beyond UCITS limits.The underlying index, the FTSE EPRA Nareit IdealRatings Developed Islamic Index, follows a transparent, rules-based methodology (Business Activities and Financial Screening), which does not introduce structural complexity to the ETF. The 'high level of concentration' in the benchmark and a risk rating of '6/7' reflect market risk and volatility of the underlying real estate investments, not the structural complexity of the ETF itself. There are no indications of embedded derivatives (as part of the ETF's structure), complex payoff mechanisms, or opaque features that would overturn the UCITS presumption of non-complexity. The fund's structure, objectives, and risks are deemed straightforward enough for a retail investor with basic knowledge to understand."
    }
}