{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Tabula GCC Sovereign USD Bonds UCITS ETF aims to track the ICE Gulf Cooperation Council Government Bond ex-144a Index using a sampling strategy investing primarily in USD-denominated sovereign fixed rate bonds and Sukuks issued by GCC countries. The ETF uses physical replication (direct purchase of underlying bonds) with no mention of synthetic replication, swap agreements, or derivative instruments as part of the investment strategy. The risk profile is moderate (risk rating 3-4), with no leverage or inverse exposure. The fund does not employ capital protection or structured features. Counterparty risk is disclosed but relates to safekeeping and operational counterparties, not derivative counterparties. Costs are straightforward with a 0.50% ongoing charge and no performance fees or swap fees. The PRIIPs KID confirms the product is not simple but does not indicate derivative usage inherent to the strategy, only operational risks. The factsheet confirms physical bond holdings (79 bonds, sovereign issuers), no complex underlying assets like contingent bonds or CLOs, and no leverage. The index tracked is a straightforward sovereign bond index with country caps and liquidity filters, not a complex or structured index. There are no references to roll costs, contango, or backwardation effects. Overall, the ETF is a UCITS-compliant, physically replicated bond ETF with a clear, linear investment objective and no embedded complexity factors under MiFID II. Therefore, it is classified as non-complex."
}