{
    "fund_name": "HSBC Global Funds ICAV - Sustainable Development Bank Bonds UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Derivatives for efficient portfolio management",
        "Tracking complex index (FTSE World Broad Investment-Grade USD Multilateral Development Bank Bond Capped Index)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication and does not employ leverage or inverse strategies. While it may use derivatives for efficient portfolio management (hedging, reducing transaction costs), this usage is standard for many UCITS-compliant ETFs and does not trigger complexity under MiFID II. The index it tracks is complex (multilateral development bank bonds with sustainability criteria), but the ETF itself is passively managed and transparent. The risk profile (category 4) is moderate, and the fund is UCITS-compliant, indicating suitability for retail investors. The use of derivatives is disclosed but appears limited to EPM (efficient portfolio management) rather than speculative or leveraged strategies.",
    "confidence": 85
}