{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Use of derivatives for hedging and efficient portfolio management (not central to strategy)",
            "Passive management to minimize tracking error"
        ],
        "classification": "non-complex",
        "supporting_data": "The HSBC Global Funds ICAV - Global Aggregate Bond ESG UCITS ETF tracks the Bloomberg MSCI Global Aggregate SRI Carbon ESG-Weighted Select Index.  The fund utilizes an optimization technique to minimize tracking error and trading costs.  While the fund *may* invest in derivatives for hedging and efficient portfolio management, the text emphasizes this is for managing *risk and costs*, not as an inherent element of the investment strategy.  The fund's investment policy is focused on passively replicating the performance of the index, a fairly straightforward approach. The use of ESG characteristics and an SRI index, although adding another layer of detail, doesn't, by itself, automatically qualify the ETF as complex.  Crucially, there is no mention of any embedded derivatives, complex indices, or leveraged positions beyond UCITS limits.  The fund's risk profile is categorized as lower-to-medium, further suggesting a structure easily understandable by retail investors. The focus is on replicating a well-documented index of global investment-grade debt, not on complex trading strategies or derivatives structures."
    }
}