{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The HSBC Global Funds ICAV - Global Government Bond UCITS ETF is classified as non-complex under MiFID II. The fund uses physical replication to track the FTSE World Government Bond Index (total return hedged to USD), investing directly in government bonds from developed and emerging markets. While the KIID mentions derivatives for hedging and efficient portfolio management, there is no evidence of synthetic replication, leverage, or inverse strategies. The fund's risk profile is medium (category 4) and aligns with its straightforward investment strategy. The use of derivatives is limited to risk management and does not introduce significant complexity. The fund is UCITS-compliant, further supporting its non-complex classification. The PRIIPs KID and monthly factsheet confirm the fund's passive management and lack of complex structures. The absence of leverage, inverse exposure, or structured products, along with the transparency of the underlying assets, supports the conclusion that this ETF is suitable for retail investors.",
    "confidence": 95
}