{
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR Dow Jones Global Real Estate UCITS ETF is classified as non-complex under MiFID II based on the following analysis: 1) It uses physical replication to track the Dow Jones Global Select Real Estate Securities Index, with no mention of synthetic replication, swaps, or derivatives in the KIID or fact sheet. 2) There is no leverage, inverse exposure, or capital protection mechanisms. 3) The underlying assets are liquid, transparent REITs and real estate operating companies. 4) The risk profile (category 7) reflects the volatility of real estate securities rather than structural complexity. 5) The fund is UCITS-compliant, indicating regulatory alignment with retail investor suitability. While the index tracks global real estate securities, the replication method and lack of derivative usage make the fund straightforward for retail investors to understand.",
    "confidence": 95
}