{
    "type": "ETF",
    "ucits": true,
    "fund_name": "VanEck Global Real Estate UCITS ETF",
    "investment_objective": "To track the GPR Global 100 Index, a gross total return index of 100 listed property companies and REITs worldwide",
    "primary_asset_class": "Equity (Real Estate Equities and REITs)",
    "geographic_focus": "Global (Worldwide, with major holdings in US, Japan, Australia, UK, China, Singapore)",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The VanEck Global Real Estate UCITS ETF is a UCITS-compliant ETF that physically replicates the GPR Global 100 Index by investing directly in the underlying equity securities of listed property companies and REITs worldwide. The KIID and PRIIPs KID explicitly state that the fund does not use synthetic replication, swap agreements, or derivative instruments as part of its investment strategy. The fund does not engage in securities lending and does not employ leverage or inverse strategies. The risk profile is medium-high (5 out of 7), reflecting the inherent volatility of the real estate equity sector and concentration risks, but this does not arise from structural complexity or derivative usage. The ongoing charges are straightforward with a TER of 0.25%, no performance fees, and no complex fee structures. The monthly factsheet confirms physical full replication, no use of swaps or derivatives, and a transparent portfolio of 100 holdings primarily in liquid, listed equities. There are no capital protection or structured product features. No references to complex underlying assets such as contingent convertible bonds or CLOs are found. The index tracked is a standard gross total return equity index with semi-annual rebalancing and no embedded derivative or complex features. No PRIIPs comprehension warnings or complexity flags are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}