{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The HSBC EURO STOXX 50 UCITS ETF is classified as non-complex under MiFID II regulations. The primary reasons for this classification are: (1) The ETF uses physical replication to track the EURO STOXX 50 Index, investing directly in the underlying securities. (2) While the ETF may use derivatives for efficient portfolio management, this is explicitly stated to be for purposes such as managing risk and costs, not for leverage or complex strategies. (3) The ETF has a straightforward investment objective of tracking a well-known, liquid index of large European companies. (4) The risk profile, while rated at level 6, is primarily due to the volatility of the underlying index rather than complex strategies. (5) The ETF provides regular liquidity and has transparent holdings. (6) The use of derivatives is limited (up to 10% in total return swaps and contracts for difference, but not expected to exceed 5%) and is clearly disclosed as being for efficient portfolio management rather than as a core investment strategy. (7) The ETF is UCITS compliant, which provides additional investor protections. While the ETF does mention potential use of derivatives and securities lending, these are within standard industry practices for physical ETFs and don't introduce complexity that would require specialist knowledge to understand.",
    "confidence": 95
}