{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "The product is designed to track the IBEX 35 Net Return Index, a commonly used index that is not itself considered complex.",
            "The product is passively managed and is meant to directly replicate the index."
        ],
        "classification": "non-complex",
        "supporting_data": "The Amundi IBEX 35 UCITS ETF is a passively managed ETF that aims to replicate the IBEX 35 Net Return Index through direct replication.  The KIDs specifically state a focus on minimizing tracking error through primarily investing in index constituents. The document mentions using a sampling technique and guaranteed temporary sales of securities to optimize replication, but these techniques are for efficient portfolio management and do not inherently introduce complexity. The product is not leveraging derivatives for its core investment strategy, rather derivatives are used as a secondary technique for hedging.  The risk profile is categorized as lower risk and the investment objective of tracking a well-known index makes it easy for retail investors to understand how the ETF replicates the index performance, with a minimum tracking error.  All of these factors point towards a non-complex classification under MiFID II."
    }
}