{
    "fund_name": "HSBC MSCI World UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Derivative usage up to 10%",
        "Total return swaps up to 5%",
        "Counterparty risk exposure"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication with optimisation, which is a common and transparent method. While it may use derivatives (up to 10%) and total return swaps (up to 5%) for efficient portfolio management, these are within typical ranges for UCITS-compliant ETFs. The MSCI World Index is a well-known, liquid benchmark. The risk profile (category 6) reflects market volatility rather than structural complexity. The ETF is UCITS-compliant, has a straightforward investment objective, and provides adequate public information. The derivative usage appears to be for efficient portfolio management rather than creating additional complexity. The counterparty risk is disclosed but mitigated by UCITS rules. The overall structure is transparent and suitable for retail investors.",
    "confidence": 90
}