{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Use of derivatives for efficient portfolio management (hedging, currency hedging)",
        "Potential counterparty risk from derivative usage",
        "Complex index methodology (FTSE EPRA/Nareit Developed Dividend+ Index)"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication and invests directly in listed real estate companies and REITs. While it uses derivatives for efficient portfolio management (including currency hedging), the usage appears to be for risk reduction and cost efficiency rather than for complex strategies. The index tracked is complex in its selection criteria (dividend yield focus, geographic/sector filters), but the ETF's structure remains straightforward. The risk profile is rated 6/7, but this reflects sector concentration rather than structural complexity. The absence of leverage, inverse strategies, or capital protection features supports a non-complex classification. The use of derivatives is disclosed transparently and appears limited to hedging and efficient replication, which is common in UCITS-compliant ETFs and typically does not trigger complexity under MiFID II.",
    "confidence": 85
}