{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The UCITS ETF tracks the FTSE Developed Europe Real Estate Net Total Return Index, which is a transparent index. The fund's investment policy is to replicate the index by buying a substantial number of securities in the index, indicating physical replication. The Key Investor Information Document (KID) states the fund is passively managed and aims to reflect the performance of the index. While it mentions the use of derivatives for risk management, cost reduction, and improved results, the primary method is physical replication. The risk and reward profile is rated as category 6, indicating high potential for losses and gains due to market volatility, but this is not indicative of structural complexity. The fund's structure, objective, and risks (market volatility, tracking error) are generally understandable for retail investors with basic knowledge. There is no mention of leverage, embedded derivatives, or opaque features. Securities lending is mentioned as a potential revenue generator, with revenue sharing detailed, but it's not described as a primary or complex feature. Based on the information provided and the MiFID II framework, the ETF is classified as non-complex as it adheres to physical replication, tracks a transparent index, and its structure and risks are generally understandable to retail investors."
    }
}