{
    "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 S&P 500 UCITS ETF primarily uses physical replication to track the S&P 500 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), this is explicitly stated to be for efficient portfolio management and not expected to exceed 5%. The fund's risk profile (category 6) is driven by the volatility of the underlying index rather than structural complexity. The fund is UCITS-compliant, has a straightforward investment objective, and provides clear disclosure of its risks. The use of derivatives is limited and not a core part of the investment strategy, and the fund does not employ leverage or inverse strategies. The monthly factsheet confirms the physical replication method and provides transparency on holdings and performance tracking.",
    "confidence": 90
}