{
    "fund_name": "HSBC Global Funds ICAV - Global Sukuk UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index (FTSE IdealRatings Sukuk Index)",
        "Shariah compliance requirements",
        "Emerging market exposure",
        "Potential for illiquid Sukuk holdings"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the FTSE IdealRatings Sukuk Index, which consists of global Islamic fixed income securities (Sukuk). While the index itself may be considered complex due to its Shariah compliance requirements and emerging market focus, the ETF's straightforward physical replication method and lack of leverage or synthetic structures mitigate complexity. The use of derivatives is limited to efficient portfolio management (e.g., risk management, cost reduction) rather than as an inherent part of the investment strategy. The ETF's risk profile is rated as category 3 (medium risk), and there are no indications of capital protection mechanisms or structured products that would typically trigger a 'complex' classification. The fund's transparency, liquidity, and alignment with UCITS standards further support its non-complex status.",
    "confidence": 85
}