{
    "fund_name": "HSBC S&P 500 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 S&P 500 Index, with no leverage or inverse exposure. It may use derivatives for efficient portfolio management (up to 10% in total return swaps) but this is within standard UCITS limits for hedging and risk management. The underlying index (S&P 500) is a well-known, liquid benchmark with no complex features. The fund's risk profile (category 6) reflects the volatility of the underlying equities rather than structural complexity. The KIID and PRIIPs documents confirm no capital protection mechanisms or structured products. The monthly factsheet confirms physical replication with minimal derivative usage.",
    "confidence": 95,
    "counter_argument": "Some may argue that the 10% derivative limit could indicate complexity, but under MiFID II, this is standard for UCITS ETFs and does not trigger complexity if used for efficient portfolio management. The S&P 500 is a transparent, liquid index with no embedded derivatives or structured features.",
    "overriding_reason": "The fund's physical replication, lack of leverage/inverse exposure, and use of derivatives within standard UCITS limits for risk management align with non-complex classification. The underlying index and risk profile are straightforward."
}