{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Swaps",
            "Indirect Replication"
        ],
        "classification": "complex",
        "supporting_data": "The UCITS ETF uses an 'Indirect Replication methodology' by investing in a 'total return swap (financial derivative instrument)'. According to MiFID II Article 254 and Delegated Regulation EU 2017/565 Article 57, the use of derivatives integral to achieving the investment objective, especially swaps, makes an ETF complex due to associated risks like counterparty and collateral risk which are difficult for retail investors to understand. The document explicitly states 'Derivatives are integral to the Sub-Fund's investment strategies'. While the underlying index is a real estate index, the replication method dictates the complexity classification."
    }
}