{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Securities lending",
            "Derivative use for investment"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares UK Property UCITS ETF tracks the FTSE EPRA/Nareit UK Index by holding the underlying equity securities of UK listed REITs and real estate companies. This is a physical replication strategy, which is generally considered non-complex under MiFID II.  While the fund may engage in short-term secured lending (derivatives) to offset costs, this is a limited use for efficient portfolio management (EPM) rather than an inherent part of the investment strategy, and therefore doesn't meet the threshold for a complex classification.  The ETF's stated objective is a straightforward return reflecting the performance of a transparent index.  The document also notes that the use of financial derivative instruments (FDIs) is expected to be limited.  The risk profile of 6/7 on the KID risk scale further supports the non-complex classification.   This assessment considers the key elements outlined in the MiFID II rules framework, including derivative use, replication method, ease of understanding, and additional features, as well as relevant EU regulatory guidance. The ETF is compliant with UCITS regulations, which further supports its non-complex classification."
    }
}