{
    "type": "ETF",
    "ucits": true,
    "fund_name": "SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF that tracks the FTSE EPRA Nareit Developed Europe ex UK Index, which consists of listed real estate companies and REITs in Europe excluding the UK. The Fund uses a physical replication method to hold securities in the index with approximate weightings, aiming for a near mirror-image of the index. There is no mention of synthetic replication, swap agreements, or derivative instruments used as part of the investment strategy, only limited use of derivatives for portfolio management efficiency, which is typical and not considered inherent to the strategy. The Fund does not employ leverage, inverse or amplified exposure. The risk profile is medium-high (category 5 out of 7), reflecting the volatility of the underlying real estate equities and REITs, not complexity from derivatives or leverage. The Fund's TER is 0.30%, with no performance fees or swap fees. Securities lending is capped at 40% of NAV, which is standard and disclosed. The index tracked is a market-cap weighted total return index with 67 constituents, composed of liquid, transparent securities. There are no capital protection features, structured products, or contingent bonds in the holdings. The PRIIPs KID does not include any comprehension warnings or complexity flags. The factsheet confirms physical replication and no synthetic or swap-based replication. Overall, the Fund exhibits characteristics of a straightforward, physical, index-tracking ETF investing in liquid equity securities, with no inherent complexity factors under MiFID II definitions.",
    "risk_level_assessment": "The Fund's risk rating of 5 out of 7 reflects market volatility and concentration risks typical of real estate equity investments, not complexity from derivatives or leverage. This aligns with the non-complex classification as the risk arises from underlying asset volatility rather than structural or product complexity."
}