{
    "fund_name": "HSBC MSCI World Climate Paris Aligned UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index",
        "Derivative Usage"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication as its primary method, with derivatives limited to up to 10% of assets for efficient portfolio management (not for leverage or inverse exposure). The MSCI World Climate Paris Aligned Index is complex due to its climate-aligned criteria and exclusions, but the ETF's straightforward physical replication and low derivative usage (expected to stay below 5%) mitigate complexity. The fund's risk profile (category 6) reflects market volatility rather than structural complexity. No leverage, inverse strategies, or capital protection features are present. The UCITS structure and transparent physical replication align with non-complex classification.",
    "confidence": 90
}