{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers Spain UCITS ETF (ISIN: LU0994505336) is a physically replicated ETF tracking the Solactive Spain 40 Index. The KIID and factsheet confirm it uses direct replication (physical) of the index constituents, with no mention of synthetic replication, swaps, or leverage. While the KIID notes that derivatives may be used for risk management, this is explicitly stated as being for efficient portfolio management rather than as a core strategy. The risk profile (category 6) is high due to equity market exposure rather than structural complexity. The fund's straightforward objective of tracking Spanish blue-chip stocks, combined with its physical replication method and lack of complex features, supports a non-complex classification. The absence of leverage, inverse exposure, or capital protection mechanisms further reinforces this.",
    "confidence": 95
}