{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The HSBC MSCI Emerging Markets UCITS ETF primarily uses physical replication to track its benchmark index, investing directly in the underlying securities. While the KIID mentions the potential use of derivatives (up to 10% in total return swaps and contracts for difference) and securities lending (up to 25%), these are not the primary investment strategies and are used for efficient portfolio management rather than as core components of the investment approach. The fund's risk profile (category 6) is driven by the volatility of emerging markets rather than structural complexity. The fund is UCITS-compliant, which imposes strict regulatory safeguards, and there are no indications of leverage, inverse strategies, or complex underlying assets. The derivative usage is limited and clearly disclosed, and the fund's structure remains transparent and understandable for retail investors.",
    "confidence": 90
}