{
    "fund_name": "HSBC MSCI USA Climate Paris Aligned UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Use of derivatives (up to 10% of assets in total return swaps and contracts for difference)",
        "Complex index methodology (MSCI USA Climate Paris Aligned Index)",
        "ESG and climate-aligned investment strategy"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication and only uses derivatives for efficient portfolio management (up to 10% of assets). The derivatives usage is limited and does not involve leverage or inverse strategies. The index tracked is complex in its methodology but the ETF itself is straightforward in its implementation. The risk profile is clearly disclosed and the fund is UCITS compliant, which typically indicates a non-complex classification under MiFID II. The use of derivatives is within the bounds of efficient portfolio management and does not create a materially different risk profile from the underlying assets.",
    "confidence": 85
}