{
    "fund_name": "HSBC Global Funds ICAV - Global Aggregate Bond ESG UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "inverse": false,
    "derivatives": true,
    "swaps": false,
    "complex_factors": [
        "Complex index tracking (Bloomberg MSCI Global Aggregate SRI Carbon ESG-Weighted Select Index)",
        "Investment in ABS, MBS, CMBS, and other securitized products",
        "Potential for significant tracking error due to optimization techniques",
        "Use of derivatives for hedging and efficient portfolio management"
    ],
    "classification": "non-complex",
    "confidence": 85,
    "supporting_data": "The ETF primarily uses physical replication and tracks a complex but transparent index. While it uses derivatives for hedging and efficient portfolio management, there is no evidence of synthetic replication, leverage, or inverse strategies. The underlying assets include investment-grade bonds and securitized products, which are generally considered non-complex. The risk profile is clearly disclosed, and the ETF is UCITS-compliant, indicating a high level of transparency and investor protection. The use of derivatives is limited to efficient portfolio management and does not introduce significant additional complexity or risk beyond what is typical for bond ETFs. The ETF is classified as non-complex under MiFID II."
}