{
    "fund_name": "HSBC MSCI World Islamic ESG UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex index methodology (MSCI ESG Universal Screened Select Index)",
        "Shariah compliance requirements",
        "Potential for tracking error due to physical replication constraints"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI World Islamic ESG Universal Screened Select Index, which is a complex index with multiple exclusion criteria and ESG re-weighting factors. However, the fund itself does not use derivatives for leverage or inverse exposure, and its risk profile is clearly disclosed as category 6 (higher risk). The Shariah compliance requirements add some complexity but do not trigger a 'complex' classification under MiFID II. The fund's primary complexity comes from the index methodology rather than its own structure.",
    "confidence": 90,
    "counter_argument": "The index's complexity could be argued to make the ETF complex, but MiFID II guidance generally focuses on the fund's own structure rather than the complexity of the underlying index. The physical replication method and lack of derivative usage for leverage or inverse exposure support the non-complex classification.",
    "overriding_reason": "The fund's use of physical replication and absence of derivative-based leverage or inverse exposure outweigh the index complexity in determining the MiFID II classification."
}