{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "null",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Not passively tracking an index; actively managed, potentially deviating from the MSCI World Index benchmark.",
            "May use derivatives for efficient portfolio management, but this use is not a central feature.",
            "Transparency of underlying investments is available online, but the KID states there is insufficient data to calculate past performance."
        ],
        "classification": "non-complex",
        "supporting_data": "The HSBC PLUS World Equity Quant Active UCITS ETF is classified as an Article 6 fund for the purpose of the SFDR.  The fund actively manages its portfolio, rather than passively tracking an index.  While it may utilize derivatives for efficient portfolio management, this is not a central element of its strategy.  The fund's investment policy focuses on shares of companies incorporated in developed markets or those that earn the majority of their revenue from developed markets. The fund may invest in securities similar to shares (including American Depositary Receipts, Global Depositary Receipts, and Non-Voting Depositary Receipts).  Crucially, the fund is a UCITS ETF.  The stated objectives and investment policy, along with the absence of significant leverage, embedded derivatives, or an opaque structure, suggest that it is not considered complex under MiFID II, even though it may use derivatives for portfolio management. The lack of past performance data, and the reference to high fluctuations in the risk profile, does not automatically equate to complexity. "
    }
}