{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Synthetic replication using swaps",
        "Counterparty risk exposure",
        "Emerging market focus"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via swaps with HSBC Bank plc as counterparty, which introduces counterparty risk. The fund tracks the MSCI GCC Countries ex Select Securities Index, which focuses on emerging markets (Gulf countries) and may include securities with foreign ownership restrictions. The KIID and PRIIPs KID highlight counterparty risk and derivatives risk as key risks, and the fund is classified in risk category 6, indicating higher volatility. While the fund does not use leverage or inverse strategies, the combination of synthetic replication, emerging market exposure, and counterparty risk makes it complex under MiFID II.",
    "confidence": 90
}