{
    "fund_name": "HSBC MSCI Japan Climate Paris Aligned UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Use of derivatives (up to 10% in total return swaps)",
        "Potential for counterparty risk from derivative usage",
        "Complex index methodology (MSCI Japan Climate Paris Aligned Index)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication as its primary method (confirmed in the fact sheet) and derivatives are used for efficient portfolio management (up to 10% in total return swaps, not expected to exceed 5%). The index is complex in its climate alignment methodology, but the fund's structure is straightforward with no leverage or inverse exposure. The risk profile is rated 6/7, but this appears to reflect market volatility rather than structural complexity. The use of derivatives is limited and for risk management purposes rather than as a core strategy element. The fund is UCITS-compliant and has a transparent, liquid structure typical of mainstream ETFs.",
    "confidence": 85
}