{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Saudi Arabia Capped UCITS USD (Acc) Share Class",
    "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 Saudi Arabia 20/35 Index by holding the underlying equity securities 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 KIID and PRIIPs KID both confirm that derivatives may be used only for investment purposes but not as an inherent element of the strategy, and no leverage or inverse exposure is present. The monthly factsheet explicitly states the product structure as 'Physical' and shows direct investment in Saudi Arabian equities with no indication of complex underlying assets such as contingent convertible bonds or CLOs. 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). Costs are straightforward with no performance fees or swap fees. Counterparty risk is disclosed as a general operational risk but no significant counterparty exposure from swaps or derivatives is indicated. No capital protection or structured features are present. Overall, the ETF is a straightforward, physical replication UCITS ETF investing in liquid equities, with minimal derivative use for risk management only, and no leverage or complex features. Therefore, under MiFID II, it is classified as non-complex."
}