{
    "complex": false,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Limited swap usage (up to 5%) for efficient portfolio management",
        "Physical replication as primary method",
        "No leverage or inverse exposure",
        "Complex index methodology but transparent holdings"
    ],
    "classification": "non-complex",
    "supporting_data": "The HSBC NASDAQ Global Climate Tech UCITS ETF primarily uses physical replication to track the NASDAQ CTA Global Climate Technology Index. While it has permission to use up to 10% of assets in total return swaps and contracts for difference (not expected to exceed 5%), this is for efficient portfolio management rather than core strategy. The fund does not employ leverage or inverse strategies, and its risk profile (category 6) reflects the volatility of the underlying climate tech sector rather than structural complexity. The index methodology is sophisticated but well-documented, and the fund's holdings are transparent. The PRIIPs KID and monthly factsheet confirm no comprehension warning or excessive derivative usage. The fund's complexity factors are within typical UCITS ETF parameters, making it suitable for retail investors.",
    "confidence": 90
}