{
    "fund_name": "HSBC MSCI World Islamic ESG UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI World Islamic ESG Universal Screened Select Index, with no evidence of leverage, inverse strategies, or synthetic replication. Derivatives are only mentioned for Shariah-compliant foreign exchange hedging, which is a permitted use under MiFID II for efficient portfolio management (EPM) and does not contribute to complexity. The risk profile (category 6) is primarily due to market volatility rather than structural complexity. The fund's straightforward investment objective, transparent index-tracking approach, and lack of complex features support a non-complex classification.",
    "confidence": 95,
    "risk_level": 6,
    "counterparty_risk": false,
    "illiquid_assets": false,
    "capital_protection": false,
    "structured_features": false,
    "benchmark_complexity": "The underlying MSCI World Islamic ESG index applies standard exclusionary screening and ESG re-weighting, which are transparent and widely understood methodologies.",
    "additional_notes": "While the ETF has a relatively high risk rating (6/7), this is due to market exposure rather than structural complexity. The use of derivatives is limited to FX hedging, which is explicitly permitted under MiFID II for non-complex instruments. The fund's compliance with Shariah principles and ESG criteria does not introduce additional complexity from a regulatory perspective."
}