{
    "fund_name": "HSBC MSCI Europe Climate Paris Aligned UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Derivative usage up to 10%",
        "Climate-aligned index complexity",
        "ESG screening criteria"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication (as confirmed in the monthly factsheet) with up to 10% derivative usage for efficient portfolio management, which is within typical UCITS limits. The derivatives are used for risk management and cost efficiency rather than as a core strategy. The climate-aligned index and ESG criteria add complexity but do not trigger MiFID II's 'complex' classification. The fund is UCITS-compliant, has a straightforward risk profile (category 6, which is high but not extreme), and provides adequate transparency. The derivative usage is disclosed and limited, and the fund's objective is clear. While derivatives are present, they are not used for leverage or inverse exposure, and the overall structure remains transparent and suitable for retail investors.",
    "confidence": 90
}