{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Asia Property Yield UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant exchange-traded fund that aims to track the FTSE EPRA/Nareit Developed Asia Dividend+ Index by investing directly in the equity securities of listed real estate companies and REITs from developed Asian countries. The fund uses physical replication, holding the underlying securities in similar proportions to the index. There is no mention of synthetic replication, swap agreements, or total return swaps. Derivatives are only used for efficient portfolio management purposes (risk reduction, cost reduction, or income generation), not as an inherent part of the investment strategy, so derivatives exposure is minimal and not complexity-driving. There is no leverage, inverse or amplified exposure. The risk indicator in the KIID rates the fund at level 6, which is relatively high due to sector concentration and equity market volatility, but this does not alone imply complexity under MiFID II. The PRIIPs KID risk indicator is 4 out of 7, medium risk, reflecting typical equity and sector risks without complex features. The fund does not have capital protection, structured features, or complex underlying assets such as contingent convertible bonds or CLOs. The monthly factsheet confirms physical replication, no use of swaps or synthetic structures, and direct investment in liquid, transparent securities. Securities lending is used but revenue sharing does not increase costs and is a common practice, not a complexity factor. No leverage or inverse exposure is present. Overall, the fund\u2019s structure and strategy are straightforward, with no complexity flags such as synthetic replication, leverage, complex derivatives, or capital protection mechanisms. Therefore, under MiFID II, this ETF is classified as non-complex."
}