{
    "fund_name": "iShares Spain Govt Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Currency hedging using FX forward contracts",
        "Securities lending activities",
        "Optimisation techniques for replication"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication with optimisation techniques and FX forwards for currency hedging. While derivatives are used, they are for efficient portfolio management (hedging and optimisation) rather than for complex strategies. The underlying assets (Spanish government bonds) are straightforward, and the risk profile is rated as medium (level 4). The use of derivatives is limited to hedging and optimisation, which does not trigger complexity under MiFID II. The fund is UCITS-compliant, which typically indicates a non-complex structure. The PRIIPs KID does not contain a comprehension warning, further supporting the non-complex classification.",
    "confidence": 90
}