{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers FTSE Developed Europe ex UK Real Estate UCITS ETF is a UCITS-compliant ETF that physically replicates the FTSE EPRA/NAREIT Developed Europe Ex UK Capped Net Index by buying all or a substantial number of the underlying securities. The KIID and PRIIPs KID documents confirm the fund uses physical replication and only employs derivatives to manage risk, reduce costs, or improve results, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure. The fund does not use leverage or inverse exposure, and the risk profile is medium-high (5/7), consistent with the underlying real estate equity exposure, not complexity from derivatives or leverage. The factsheet confirms direct investment in listed European real estate companies and REITs, with no indication of complex underlying assets such as contingent convertible bonds or structured products. Costs are straightforward with no performance fees or swap fees, and securities lending is minimal and disclosed. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund's strategy and structure are transparent and straightforward, leading to a non-complex classification under MiFID II."
}