{
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Currency hedging using derivatives",
        "Securities lending",
        "Optimised replication"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the FTSE EPRA/Nareit Developed Dividend+ Index, which consists of listed real estate companies and REITs. While it uses derivatives for currency hedging (FX forward contracts) and efficient portfolio management, these are standard practices in UCITS-compliant ETFs and do not introduce significant complexity. The fund does not employ leverage, inverse strategies, or complex structured products. The underlying index is straightforward, focusing on high-yielding real estate equities. The risk profile (rated 6) is primarily due to sector concentration and equity market risks, which are typical for real estate ETFs. The use of derivatives is limited to hedging and optimisation, not for speculative or complex strategies. The fund's transparency, liquidity, and regulatory compliance (UCITS) further support its non-complex classification.",
    "confidence": 90
}