{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "The ETF tracks a Real Estate index (FTSE EPRA/NAREIT Developed Index). Although the KID indicates direct replication via transferable securities, the use of derivatives is allowed 'to deal with inflows and outflows' and for better exposure to an index constituent which could indicate a level of complexity. The index itself is a complex index",
        "classification": "non-complex",
        "supporting_data": "This UCITS ETF, according to the provided KID, aims to track the FTSE EPRA/NAREIT Developed Index through direct replication. Derivatives are mentioned for efficient portfolio management (EPM). The ETF does not utilize leverage. The fact that derivatives are used for EPM (inflows and outflows) does not automatically classify the ETF as complex and the underlying index tracked is a complex real estate index. Overall, the structure supports a non-complex classification since there is no direct dependency on derivative instruments. The risks are explained in the KID and the asset is easy to understand. The use of derivatives is limited to EPM. The underlying index's complexity is also accounted for in the overall risk score, not the asset complexity itself.",
        "reference_to_ESMA": "ESMA35-36-1640 refers to determining complex vs non-complex assets."
    }
}