{
    "fund_name": "HSBC Global Funds ICAV - Global ESG Government Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": false,
    "complex_factors": [
        "Derivative usage for hedging and efficient portfolio management",
        "Optimisation technique may involve some complexity in portfolio construction",
        "Potential for tracking error due to optimisation"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication of the Bloomberg MSCI Global Treasury ESG Weighted Bond Index. While it may use derivatives for hedging and efficient portfolio management, there is no evidence of synthetic replication, leverage, or inverse strategies. The fund's risk profile (category 3) and the absence of complex structured features suggest it is suitable for retail investors. The optimisation technique and potential tracking error introduce some complexity, but this is typical for many ETFs and does not elevate it to 'complex' status under MiFID II. The fund is UCITS-compliant, which further supports its non-complex classification.",
    "confidence": 85
}