{
    "fund_name": "HSBC S&P India Tech UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Use of total return swaps (up to 10%)",
        "Investment in emerging markets (India)",
        "Potential for significant tracking error",
        "Concentration risk in technology sector"
    ],
    "classification": "non-complex",
    "confidence": 85,
    "supporting_data": "The ETF uses physical replication as its primary method and only allows up to 10% of assets in total return swaps for efficient portfolio management, not for leverage or inverse exposure. While derivatives are permitted, their usage appears limited and for risk management purposes rather than as a core strategy. The fund tracks a transparent index of Indian technology companies, and while there are risks associated with emerging markets and sector concentration, these are typical of equity investments and not inherently complex. The risk profile (category 6) reflects the volatility of the underlying assets rather than structural complexity. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification. The main complexity factors are the emerging market exposure and sector concentration, but these do not meet MiFID II's criteria for complexity classification."
}