{
    "fund_name": "HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Limited swap usage (up to 10%) for efficient portfolio management",
        "No leverage or inverse exposure",
        "Physical replication as primary method",
        "Transparent underlying index (real estate companies/REITs)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the FTSE EPRA NAREIT Developed Index, which consists of large, liquid real estate companies and REITs. While it has permission to use up to 10% of assets in total return swaps and contracts for difference (primarily for efficient portfolio management), this is not expected to exceed 5%. There is no leverage, inverse exposure, or complex structured products. The underlying index and holdings are transparent, and the fund's risk profile is straightforward. The PRIIPs KID and monthly factsheet confirm the physical replication method and limited derivative usage. The fund's complexity factors align with typical UCITS ETFs, which are generally considered non-complex under MiFID II.",
    "confidence": 90
}