{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "inverse": false,
    "derivatives": false,
    "swaps": false,
    "replication_method": "physical",
    "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 or swap agreements. 2) There is no leverage or inverse exposure in the investment strategy. 3) The underlying assets are primarily liquid real estate securities (REITs and REOCs) with no indication of complex or illiquid holdings. 4) The risk profile (category 7) reflects the volatility of the real estate sector rather than structural complexity. 5) The fund's costs are straightforward (0.40% TER) with no performance fees or complex fee structures. 6) The PRIIPs KID and fact sheet confirm physical replication and no derivative usage beyond standard ETF operations. The only potential complexity factor is the high risk category (7), but this reflects market risk rather than structural complexity. The fund meets all criteria for non-complex classification under MiFID II.",
    "confidence": 95
}