{
    "fund_name": "HSBC MSCI USA Islamic ESG UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI USA Islamic ESG Universal Screened Select Index. It does not employ leverage, inverse strategies, or synthetic replication methods. The fund invests directly in shares of companies that make up the index, with no mention of swap agreements or derivative instruments beyond standard hedging with Shariah-compliant foreign exchange contracts. The risk profile is categorized as level 6, but this appears to reflect historical volatility rather than structural complexity. The fund's investment strategy is straightforward, focusing on large and mid-cap US equities that meet ESG and Shariah compliance criteria. There are no indications of complex structured products, contingent convertible bonds, or other complex underlying assets. The use of derivatives is limited to hedging currency risk with Shariah-compliant contracts, which does not trigger complexity under MiFID II. The fund's transparency, liquidity, and clear investment objective further support its classification as non-complex.",
    "confidence": 95
}