{
    "fund_name": "Saturna Al-Kawthar Global Focused Equity UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Active management with concentrated portfolio (30-45 stocks)",
        "Shariah compliance restrictions may limit investment universe",
        "Potential exposure to emerging markets (up to 15%)",
        "Securities lending activities (though not inherently complex)"
    ],
    "classification": "non-complex",
    "supporting_data": "The fund uses physical replication of a concentrated equity portfolio with no leverage, inverse strategies, or synthetic replication. While it has some complexity factors (active management, Shariah compliance, emerging market exposure), these do not meet MiFID II's criteria for complexity. The fund's straightforward equity investment strategy and UCITS compliance support this classification. The PRIIPs KID and factsheet confirm no derivative usage beyond securities lending, which is standard practice and not considered complex under MiFID II.",
    "confidence": 90,
    "risk_profile": "6 (as stated in KIID)",
    "counter_argument": "Some might argue the active management and concentrated portfolio could make it complex, but MiFID II focuses on derivative usage and structural complexity rather than investment style. The fund's transparency and liquidity outweigh these factors.",
    "final_reasoning": "The fund's physical replication, lack of derivatives, and straightforward equity strategy make it non-complex despite some investment restrictions and active management."
}