{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares European Property Yield UCITS ETF aims to replicate the FTSE EPRA/Nareit Developed Europe ex UK Dividend + Index by investing directly in the equity securities (shares) of listed real estate companies and REITs. The KIID and PRIIPs KID documents explicitly state the Fund uses physical replication, holding the underlying securities in similar proportions to the index. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as an inherent part of the investment strategy. While the Fund may use financial derivatives for risk management purposes, this is not a core element of the investment approach, so derivatives are marked false. The monthly factsheet confirms the Fund's structure as physical replication with no indication of leverage, inverse exposure, or complex structured products. The risk profile is medium-high (5 out of 7), reflecting sector concentration and market risks typical of equity REIT investments, but not complexity from derivatives or leverage. Counterparty risk disclosures relate to standard operational risks (e.g., safekeeping and securities lending counterparties) rather than swap counterparties. Costs are straightforward with a TER of 0.40%, no performance fees, and no swap or derivative fees. There are no capital protection or structured features. The index tracked is a standard dividend-weighted real estate equity index without complex contingent bonds or structured products. No PRIIPs comprehension warnings or complexity flags are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}