{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivatives for efficient portfolio management, limited use of total return swaps and contracts for difference, securities lending",
    "classification": "non-complex",
    "supporting_data": "The HSBC EURO STOXX 50 UCITS ETF is a UCITS-compliant, physically replicating ETF tracking a transparent, well-diversified equity index. While it may use derivatives for efficient portfolio management (EPM) and up to 10% of assets in total return swaps and contracts for difference (not expected to exceed 5%), this use is ancillary and not central to the investment objective. Securities lending is permitted but capped and managed within UCITS rules. The structure, risks, and investment objective are straightforward and disclosed in the KID. Under MiFID II, all UCITS are automatically non-complex unless they are structured UCITS with algorithm-based payoffs or similar complex features, which this ETF is not[1]. The limited and well-disclosed use of derivatives and swaps for EPM does not, under current regulatory practice, override the UCITS presumption of non-complexity for this type of ETF[1]. No significant leverage, embedded derivatives, or opaque features are present. The risks highlighted (derivatives risk, counterparty risk, liquidity risk) are standard for UCITS ETFs and do not introduce structural complexity that would be difficult for a retail investor with basic knowledge to understand."
}