{
    "fund_name": "iShares MSCI Saudi Arabia Capped UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Saudi Arabia 20/35 Index, investing directly in the underlying equities. While the KIID mentions the possibility of using financial derivative instruments (FDIs) for direct investment purposes, the fact sheet confirms the fund uses physical replication. There is no evidence of synthetic replication, leverage, inverse strategies, or complex structured products. The risk profile is rated 6/7, which is relatively high due to emerging market exposure but does not indicate complexity in structure. The fund's straightforward equity exposure and transparent replication method align with typical non-complex ETFs under MiFID II.",
    "confidence": 90
}