{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The HSBC MSCI USA Islamic ESG UCITS ETF is a physically replicated ETF that tracks the MSCI USA Islamic ESG Universal Screened Select Index. It uses full physical replication, directly investing in the underlying securities of the index. The KIID and factsheet confirm that the ETF does not use leverage, inverse strategies, or synthetic replication. While the ETF may use Shariah-compliant foreign exchange contracts (including spot and forward contracts) for hedging purposes, these are not considered complex under MiFID II as they are used for efficient portfolio management rather than as a core part of the investment strategy. The risk profile is categorized as level 6, but this is primarily due to the volatility of the underlying assets rather than structural complexity. The ETF is UCITS-compliant, which further supports its classification as non-complex. The absence of complex features such as leverage, inverse exposure, or synthetic replication, combined with the straightforward physical replication method, leads to the conclusion that this ETF is non-complex under MiFID II.",
    "confidence": 95
}