{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "Based on the provided Key Investor Information, the HSBC NASDAQ GLOBAL SEMICONDUCTOR UCITS ETF employs physical replication to track the Nasdaq Global Semiconductor Index. The fund may use total return swaps and contracts for difference, but they are limited to 5% and are not central to the fund's core strategy. The index itself is a subset of the Nasdaq Global Index and while concentrated in semiconductor companies it does not involve leverage, inverse strategies, or complex derivatives. Therefore, the ETF's structure is straightforward and should be easily understood by retail investors with basic knowledge, and there's no clear indication of MiFID II complexity. The ETF invests in, or gains exposure to, shares of companies which make up the index. The fund's investment policy is centered around tracking the index with physical replication.",
        "esma_reference": "The provided information aligns with ESMA's guidance on the non-complex nature of ETFs, as the ETF tracks a transparent index and uses derivatives for portfolio management only. ESMAu2019s Supervisory Briefing (2.1, 16) states the conditions for exemption from the appropriateness test for execution only services relating to bonds or other forms of securitised debt (excluding those that embed a derivative), UCITS and shares admitted to trading on a regulated market. "
    }
}