{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI Saudi Arabia Capped UCITS ETF aims to replicate the MSCI Saudi Arabia 20/35 Index by investing directly in the equity securities that make up the index, using physical replication as confirmed in the KIID and the factsheet. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the core investment strategy. While the KIID notes that financial derivative instruments (FDIs) may be used, this is only for investment purposes and not as an inherent element of the strategy, thus derivatives are considered non-complex in this context. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or structured products. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID but driven by emerging market and concentration risks rather than complexity), and there are no capital protection or structured features. Costs are straightforward with a single ongoing charge of 0.60%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms physical replication and direct investment in liquid Saudi equities, with no use of swaps or synthetic structures. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}