{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Property sector exposure",
            "Fixed Income securities (inflation-linked bonds)"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares MSCI Target UK Real Estate UCITS GBP (Dist) Share Class is a UCITS ETF, which starts with a presumption of being non-complex. Its objective is to replicate the MSCI UK IMI Liquid Real Estate Index by investing in equity securities (REITs, property companies) and fixed income securities (UK inflation-linked bonds). The use of physical replication, holding underlying securities, supports a non-complex classification. While REITs and property companies carry equity-like risk, the inclusion of liquid, investment-grade government bonds is intended to manage volatility and debt impact. The fund's structure and investment strategy appear understandable to a retail investor with basic financial knowledge. The document does not indicate any use of derivatives for replication purposes, leverage, or other complex strategies. Securities lending is mentioned as a means to generate additional income, which is a secondary activity and generally does not make an ETF complex if managed within UCITS rules. The risk profile is rated six, but this reflects market volatility and specific sector risks rather than structural complexity. Therefore, based on the provided information and MiFID II rules, the ETF is classified as non-complex."
    }
}