{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "leverage": false,
        "inverse": false,
        "complex_factors": [
            "Emerging Markets Risk",
            "Foreign Ownership Limits"
        ],
        "classification": "non-complex",
        "supporting_data": "The asset is a UCITS ETF which is generally presumed non-complex. It aims to track the MSCI Saudi Arabia 20/35 Index by holding the underlying equity securities, indicating physical replication. The KIID does not mention the use of derivatives for replication or efficient portfolio management. While it notes risks associated with emerging markets and foreign ownership limits, these are market-specific risks rather than structural complexities. The index is described as free-float adjusted and market capitalization weighted with a cap on issuer weights, which are standard index construction methodologies and do not inherently make the ETF complex. The assessment of understanding is supported by the fact that it tracks a transparent index using physical replication. No additional complex features like embedded derivatives, leverage, or capital protection are indicated."
    }
}