{
    "fund_name": "abrdn Global Real Estate Active Thematics UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Derivatives for Efficient Portfolio Management (EPM)",
        "Potential for significant derivative usage during cash inflows/outflows",
        "Active management with discretionary overweighting/underweighting"
    ],
    "classification": "non-complex",
    "confidence": 85,
    "supporting_data": "The ETF primarily uses physical replication and invests in listed REITs and real estate equities. While it may use derivatives for efficient portfolio management (EPM) to manage cash flows and reduce costs, there is no indication of leverage, inverse strategies, or synthetic replication. The derivatives usage appears limited and aligned with standard EPM practices. The fund's risk profile (rated 6/7) reflects the volatility of real estate equities but does not suggest complexity beyond typical equity investments. The active management approach involves overweighting/underweighting based on proprietary research, but this does not inherently make the fund complex. The PRIIPs KID and factsheet confirm no leverage, inverse exposure, or structured products. The main complexity factor is the potential for significant derivative usage during large cash flows, but this is mitigated by the fund's active management and EPM focus. The overall structure remains transparent and suitable for retail investors under MiFID II."
}