{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Solactive Spain 40 Index methodology not detailed"
        ],
        "classification": "non-complex",
        "supporting_data": "The fund is a UCITS ETF, which generally creates a presumption of non-complexity. The Key Investor Information Document (KIID) states the fund is passively managed and aims to reflect the performance of the Solactive Spain 40 index. The replication method is described as buying 'all or a substantial number of the securities in the index', indicating physical replication. The document mentions the potential use of 'techniques and instruments' for risk management, cost reduction, and improved results, including financial contracts (derivatives), but it's not explicitly stated that derivatives are integral to achieving the investment objective. The KIID also mentions 'limited use' for EPM and that the 'anticipated level of tracking error in normal market conditions is 1 per cent.' which suggests derivatives, if used, are not a core driver of complexity. Securities lending is mentioned but with '0.00%' securities lending fees, indicating it's not a significant revenue driver or risk factor. The risk profile is rated as category 6, which signifies potentially high rewards and losses due to market volatility, but this is distinct from structural complexity. The description of the index itself is generic and does not highlight any inherent complexity. The absence of specific mention of embedded derivatives, complex underlying assets, or significant leverage further supports a non-complex classification."
    }
}