{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "The fund tracks an index of USD-denominated sovereign fixed rate bonds and Sukuks issued by members of the GCC, which are primarily investment-grade and sub-investment-grade rated bonds. The KIID clearly states the fund may not be appropriate for short term investment. The fund uses a sampling strategy, which may not hold every constituent of the index.",
        "classification": "non-complex",
        "supporting_data": "The Tabula GCC Sovereign USD Bonds UCITS ETF appears to be non-complex based on the provided KIID and regulatory framework. The ETF invests in USD-denominated sovereign fixed-rate bonds and Sukuks issued by members of the Gulf Cooperation Council. It employs a sampling strategy, not holding every index constituent, and is denominated in USD and GBP Hedged. There is no mention of derivative use beyond the EPM of currency risk. The KIID includes a warning that the product might be difficult to understand, however the instrument is automatically non-complex under MiFID II because it falls under the first indent of Article 25(4) of MiFID II and meets the conditions for execution only. It's investment objective is to track the ICE Gulf Cooperation Council Government Bond ex-144a Index, a transparent index of liquid bonds. Securities lending is not mentioned therefore it is not considered. The ETF is also UCITS compliant which adds to the non-complex classification. The risk rating is 4/7 on the KID which is a market risk indicator but does not drive complexity. The KIID states that the product may be difficult to understand."
    }
}