{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "FX Forward Contracts for Currency Hedging",
            "Potential Counterparty Risk from Securities Lending"
        ],
        "classification": "non-complex",
        "supporting_data": "The ETF aims to track the FTSE EPRA/Nareit UK Index, which is a widely recognized and transparent index. The KIID states that the ETF passively tracks the index by holding the equity securities that make up the index. While it mentions the use of financial derivative instruments (FDIs) and specifically FX forward contracts for currency hedging, the primary replication method is physical. The use of derivatives is explicitly for efficient portfolio management (currency hedging) rather than integral to achieving the investment objective in a complex manner. Securities lending is also mentioned, which introduces counterparty risk, but this is presented as a secondary income-generating activity and not central to the ETF's strategy. The risks associated with these are market risk, currency risk, and counterparty risk from securities lending. The structure and objective are generally understandable to a retail investor, as it aims to replicate a real estate index. The presence of FX forward contracts for hedging, while involving derivatives, is a common and generally understood practice for UCITS ETFs to mitigate currency risk. The counterparty risk from securities lending, while present, is typically managed within UCITS regulatory frameworks and does not inherently make the ETF complex in its core structure or payoff mechanism. The documentation does not indicate any embedded derivatives or complex derivative structures that would fundamentally alter the understanding of the investment for a retail investor. The risk rating of six (out of seven) is due to the nature of investments in equities and property securities, not due to structural complexity. Therefore, based on the provided information and the MiFID II framework, the ETF is classified as non-complex."
    }
}