{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF tracks the ICE GCC Sovereign USD Bonds ex-144a Index. The index applies a country cap weighting of 25% and a United Arab Emirates cap weighting of 25%.",
        "classification": "non-complex",
        "supporting_data": "Based on the provided Key Investor Information, this UCITS ETF is classified as non-complex. The ETF's objective is to track the ICE Gulf Cooperation Council Government Bond ex-144a Index. It primarily invests in USD-denominated sovereign fixed rate bonds and Sukuks issued by GCC members. The fund uses a sampling strategy, which is acceptable as the ETF's replication method, is transparent. There is no indication of leverage or complex derivative usage (swaps, options, etc.). The risks are standard for a bond ETF and are easily understood by retail investors with basic knowledge. Securities lending is not mentioned. The KID includes a statement that the product may be difficult to understand. Based on the provided data, the ETF does not embed derivatives and replicates the index through physical replication and as per the analysis of ESMA rules on MiFID II. (ESMA, 2019) states that the classification depends if the investment products are referred to the first indent of Article 25(4) of MiFID II (bonds). No complex debt instruments are identified."
    }
}