{
    "fund_name": "HSBC MSCI EUROPE ISLAMIC ESG UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex index methodology (MSCI ESG Universal Screened Select Index)",
        "Shariah compliance requirements",
        "ESG screening criteria"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Europe Islamic ESG Universal Screened Select Index. There is no mention of synthetic replication, swaps, or leverage in the KIID or PRIIPs documents. The fund's investment strategy focuses on direct investment in shares of companies that meet Shariah and ESG criteria. While the index methodology is complex due to multiple screening layers (ESG, Shariah compliance, and exclusionary criteria), the fund itself does not exhibit characteristics that would typically trigger a 'complex' classification under MiFID II. The use of derivatives is limited to hedging purposes (foreign exchange contracts) and does not appear to be a core part of the investment strategy. The fund's risk profile is primarily driven by equity market risk, which is typical for equity ETFs and generally considered non-complex.",
    "confidence": 90
}