{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": null,
    "classification": "non-complex",
    "supporting_data": "The iShares MSCI South Africa UCITS ETF is a physically replicated equity ETF that tracks the MSCI South Africa 20/35 Index. It primarily holds South African equities directly, with no evidence of leverage, inverse strategies, or synthetic replication. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, this appears to be for efficient portfolio management rather than as a core strategy. The fund's risk profile (rated 7) is primarily driven by its emerging market exposure and concentration risk rather than structural complexity. The absence of swap agreements, leverage, or capital protection mechanisms further supports the non-complex classification. The fund's transparency, liquidity, and straightforward replication method align with MiFID II criteria for non-complex instruments.",
    "confidence": 90,
    "additional_notes": "The fund's use of derivatives is limited to potential FDIs for direct investment, which does not inherently make it complex under MiFID II. The physical replication method and lack of leverage or synthetic exposure are key factors in this determination. The high risk rating (7) is due to market and concentration risks rather than structural complexity."
}