{
    "fund_name": "SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the FTSE EPRA Nareit Developed Europe ex UK Index, which consists of listed real estate companies and REITs. The KIID and factsheet indicate that derivatives are only used for efficient portfolio management, not as a core strategy. The fund has a straightforward investment objective, invests in liquid securities, and has a clear risk profile (category 6 due to market volatility, not structural complexity). There are no indications of leverage, inverse strategies, or complex underlying assets. The fund is UCITS-compliant and provides regular liquidity.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "Some might argue that the use of derivatives for portfolio management could introduce complexity. However, the derivatives are not used for leverage or speculative purposes, and the fund's overall structure remains transparent and aligned with standard index-tracking ETFs. The absence of swaps, leverage, or illiquid assets further supports the non-complex classification."
}