{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI South Africa UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the MSCI South Africa 20/35 Index by holding the equity securities that make up the index in similar proportions, indicating physical replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the core investment strategy. The Fund may use financial derivatives only for direct investment purposes or risk management, but this is not inherent to the strategy and does not imply complexity under MiFID II. The monthly factsheet confirms direct investment in South African equities with no indication of swap usage or leverage. The risk profile is high (6 out of 7) due to emerging market exposure and concentration risks, but this is typical for such equity ETFs and does not imply complexity. No leverage, inverse exposure, capital protection, or structured features are present. Costs are straightforward with a single ongoing charge and no performance fees or swap fees. Counterparty risk is disclosed as standard for safekeeping and securities lending but does not indicate complex derivative counterparty risk. Overall, the ETF is a UCITS-compliant, physically replicated equity ETF with no synthetic or leveraged features, and no complex underlying assets such as contingent convertible bonds or CLOs. Therefore, it is classified as non-complex under MiFID II."
}