{
    "success": true,
    "data": {
        "leverage": true,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Use of total return swaps for investment purposes",
            "Derivatives used for investment purposes beyond efficient portfolio management",
            "Counterparty risk from derivatives and securities lending",
            "Potential for investment leverage via derivatives"
        ],
        "classification": "complex",
        "supporting_data": "The HSBC USA SCREENED EQUITY UCITS ETF is classified as complex primarily due to its explicit allowance to invest up to 10% (expected not to exceed 5%) of its assets in total return swaps and contracts for difference for 'investment purposes'. The provided MiFID II rules explicitly state that 'If any element of ... any Swap usage is identified then the 'classification' must be 'complex'', which is directly applicable here. While the fund is primarily physically replicated, this use of derivatives for investment exposure, rather than solely for efficient portfolio management (EPM), introduces structural complexity and risks such as counterparty risk, which are difficult for retail investors to understand. The Key Investor Information Document (KIID) also lists 'Counterparty Risk' and 'Derivatives Risk' as material risks. Additionally, the fund may engage in securities lending for up to 25% of its assets, further contributing to counterparty risk and overall structural complexity. These features override the general presumption of non-complexity for UCITS ETFs."
    }
}