{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Saturna Al-Kawthar Global Focused Equity UCITS ETF is a UCITS-compliant, physically replicated ETF investing directly in a concentrated portfolio of 30 to 45 global equities and equity-related securities. The KIID and PRIIPs KID documents show no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments as part of the investment strategy. The fund invests primarily in liquid, Shariah-compliant equities with minimal leverage and no capital protection or structured features. The risk profile is moderate (4 out of 7), consistent with direct equity exposure without leverage or derivatives. Costs are straightforward with no performance fees or swap fees. The PRIIPs KID includes a comprehension warning that the product 'is not simple and may be difficult to understand,' but this appears related to the Shariah compliance and active management rather than structural complexity such as derivatives or leverage. No references to complex underlying assets like contingent convertible bonds or CLOs were found. The fund may hold Islamic money market instruments but no indication that derivatives are used beyond risk management, if at all. Securities lending is mentioned but is a common practice and does not imply complexity under MiFID II. Overall, the absence of synthetic replication, leverage, derivatives, or complex underlying assets leads to a non-complex classification under MiFID II."
}