{
    "fund_name": "HSBC UK SUSTAINABLE EQUITY UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Up to 10% in total return swaps",
        "Up to 10% in other funds",
        "Up to 35% in single issuer during exceptional market conditions",
        "Index tracking risk with potential tracking error",
        "Derivatives risk disclosure",
        "Investment leverage risk disclosure"
    ],
    "classification": "non-complex",
    "confidence": 85,
    "supporting_data": "The ETF primarily uses physical replication with up to 10% in total return swaps and contracts for difference, which is within typical EPM (Efficient Portfolio Management) usage. The derivatives usage is disclosed as for efficient portfolio management purposes, not for leverage or inverse exposure. The risk disclosures mention derivatives risk but do not indicate complex strategies. The fund's risk profile is categorized as 6/7, which is high but not necessarily complex. The index is a straightforward ESG-focused equity index without complex features. The fund's primary complexity factors are the limited swap usage and concentration risk, but these do not reach the threshold for MiFID II complexity classification. The confidence level is 85% due to the clear physical replication method and limited derivative usage."
}