{
    "type": "ETF",
    "ucits": true,
    "fund_name": "abrdn Future Real Estate UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The abrdn Future Real Estate UCITS ETF invests primarily in listed real estate investment trusts (REITs) and equities globally, aiming to outperform the FTSE EPRA NAREIT Developed Net Index. The fund uses physical replication, investing directly in underlying securities rather than synthetic replication or swap-based structures. Derivative usage is limited and primarily for efficient portfolio management (e.g., managing cash flows), not as an inherent part of the investment strategy, thus derivatives are not considered a complexity driver. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium (4 out of 7), consistent with equity market volatility and sector concentration, but not indicative of complexity. No references to funded or unfunded swaps, total return swaps, or counterparty risk beyond normal market risks are present. Costs are straightforward with a TER of 0.40%, no performance fees, and no complex fee structures. The PRIIPs KID explicitly states the product is 'not simple and may be difficult to understand' due to the nature of the underlying real estate equity investments and active management, but this does not translate into MiFID II complexity under the criteria. The fund is UCITS compliant, uses physical replication, and holds liquid, transparent securities. Therefore, it is classified as non-complex under MiFID II."
}