{
    "fund_name": "HSBC UK SCREENED EQUITY UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication with minimal derivative usage",
        "Straightforward index-tracking objective",
        "Investment in liquid, transparent securities"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the FTSE UK ESG Low Carbon Select Index, with minimal derivative usage (up to 10% in total return swaps and contracts for difference, but not expected to exceed 5%). The fund invests directly in shares of companies in the index, with no leverage, inverse exposure, or complex structured products. The risk profile is rated 6/7, but this is based on historical volatility of the underlying index rather than fund complexity. The ETF is UCITS-compliant and designed for retail investors, with clear disclosure of risks and costs. The monthly factsheet confirms physical replication and no significant swap usage.",
    "confidence": 95
}