{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Limited swap usage (up to 10%)",
        "Securities lending (up to 25%)"
    ],
    "classification": "non-complex",
    "supporting_data": "The HSBC FTSE 100 UCITS ETF primarily uses physical replication to track the FTSE 100 Index, which is a straightforward and transparent methodology. 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 primary strategies but rather tools for efficient portfolio management. The fund's risk profile (category 6) is primarily driven by the volatility of the FTSE 100 Index rather than structural complexity. The fund does not employ leverage, inverse strategies, or complex underlying assets. The use of derivatives is limited and clearly disclosed, and the fund's performance closely tracks its benchmark with minimal tracking error. The fund is UCITS-compliant, which imposes additional investor protection and transparency requirements.",
    "confidence": 90
}