{
    "fund_name": "HSBC Global Funds ICAV - Global Sukuk UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Shariah compliance requirements",
        "Use of derivatives for efficient portfolio management"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the FTSE IdealRatings Sukuk Index and does not employ leverage or synthetic replication. While derivatives are mentioned for efficient portfolio management, they are not used in a way that significantly alters the risk profile or requires specialist knowledge. The fund's risk profile is categorized as level 3, indicating moderate risk, and the investment strategy is straightforward, focusing on Shariah-compliant Sukuk. The use of derivatives is limited to managing risk and costs, which does not trigger complexity under MiFID II.",
    "confidence": 90,
    "risk_level": 3,
    "additional_notes": "The fund's adherence to Shariah principles and the use of derivatives for efficient portfolio management do not introduce complexity that would classify it as a complex instrument under MiFID II. The derivatives are used in a controlled manner and do not create significant additional risks or require specialized knowledge."
}