{
    "classification": "non-complex",
    "replication_method": "physical",
    "derivatives": false,
    "swaps": false,
    "leverage": false,
    "inverse": false,
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "supporting_data": "The HSBC Hang Seng Tech UCITS ETF is classified as non-complex under MiFID II for the following reasons: 1) It uses physical replication to track the Hang Seng TECH Index, as confirmed in both the KIID and the monthly factsheet. 2) While the prospectus allows for up to 10% investment in total return swaps, the factsheet confirms this is not actively used (0% swap exposure). 3) There is no leverage, inverse exposure, or complex structured products in the portfolio. 4) The underlying index consists of 30 large-cap technology companies in Hong Kong, which are liquid and transparent. 5) The fund is UCITS-compliant, which inherently limits complexity. 6) The risk profile (category 7) is primarily driven by the volatility of the underlying tech sector, not the fund's structure. The only potential complexity indicator is the concentration risk (top 30 holdings), but this is inherent to the index and not due to the fund's structure.",
    "confidence": 95
}