{
    "fund_name": "HSBC MSCI Emerging Markets Islamic Screened Capped UCITS ETF",
    "isin": "IE0009BC6K22",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index Construction",
        "Emerging Markets Exposure",
        "Shariah Compliance Requirements"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI EM Islamic ESG Universal Screened Select Capped Index. While the index has complex screening criteria (ESG, Shariah compliance, and capping rules), the fund itself does not use derivatives, leverage, or synthetic replication. The primary complexity factors are the index's construction and the emerging markets exposure, but these do not meet MiFID II's criteria for 'complex' financial instruments. The fund is UCITS-compliant, has no leverage, and uses straightforward physical replication. The risk profile (category 6) reflects emerging markets volatility rather than structural complexity.",
    "confidence": 90
}