This is a completed and painted, fixed-pose figure.
From the Good Smile Company website:
A rerelease of the 1/7th scale King of Knights tainted by a black shadow - Saber Alter! She is posed slashing down with her holy sword Excalibur, in a dynamic pose filled with energy.
She comes with interchangeable parts that allow you to swap out Excalibur for Vortigern, a sword erupting with dark energy. Alternate parts that allow you to display her with her mask removed are also included. Enjoy the dark yet beautiful charms of Saber Alter in your collection!