{
    "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 Sukuk UCITS ETF is classified as non-complex under MiFID II for the following reasons: 1. Physical Replication: The fund uses physical replication to track the FTSE IdealRatings Sukuk Index, investing directly in Shariah-compliant Sukuk bonds. 2. No Leverage or Inverse Exposure: There is no mention of leverage, inverse strategies, or amplified returns in the documentation. 3. Minimal Derivative Use: While the fund may use derivatives for efficient portfolio management (e.g., risk management or cost reduction), the documentation does not suggest extensive or complex derivative strategies. 4. Transparent Underlying Assets: The fund invests in liquid, investment-grade Sukuk bonds, which are relatively straightforward fixed-income instruments. 5. UCITS Compliance: The fund is UCITS-compliant, which inherently limits complexity and ensures regulatory oversight. 6. Risk Profile: The fund's risk profile is rated as medium (category 3), and the risks are clearly disclosed, making them understandable to retail investors. 7. No Capital Protection or Structured Features: There are no capital guarantees, barrier options, or other complex structured features. 8. Clear Disclosure: The KIID and PRIIPs KID provide transparent information about the fund's strategy, risks, and costs. The only potential complexity factor is the use of derivatives for efficient portfolio management, but this is not sufficient to classify the fund as complex under MiFID II. The fund's overall structure, strategy, and risk profile align with typical non-complex ETFs.",
    "confidence": 90
}