{
    "fund_name": "Franklin FTSE Saudi Arabia UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Single country exposure (Saudi Arabia)",
        "Potential index tracking risk",
        "Single country/region risk"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the FTSE Saudi Arabia 30/18 Capped Index - NR, with no leverage, inverse exposure, or swap usage. While it invests in a single country (Saudi Arabia), this does not automatically make it complex under MiFID II. The fund's risk profile is clearly stated, and it uses derivatives only for efficient portfolio management (not for leverage or complex strategies). The fact sheet confirms 'Physical Performance Replication Methodology' and 'Full Replication', reinforcing the non-complex classification. The only potential complexity factors are single-country exposure and index tracking risk, which are standard for passive ETFs and do not trigger MiFID II complexity rules.",
    "confidence": 95
}