{
    "fund_name": "iShares Spain Govt Bond UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a physically replicated UCITS fund tracking the Bloomberg Barclays Spain Treasury Bond Index. It invests directly in Spanish government bonds with no mention of synthetic replication, swaps, or leverage. The KIID and PRIIPs documents confirm physical replication and direct bond investment. The fund uses derivatives only for efficient portfolio management (optimizing techniques), not for leverage or complex strategies. The risk profile is straightforward (fixed income, medium risk), and there are no capital protection features or complex structured products. The PRIIPs document does not include a comprehension warning, further supporting the non-complex classification.",
    "confidence": 95
}