{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Developed Markets Property Yield",
    "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 Dividend+ Index by investing primarily in equity securities of listed real estate companies and REITs from developed markets. The fund uses an optimised physical replication approach, investing directly in underlying securities rather than synthetic replication or swap-based structures. The KIID and PRIIPs KID documents confirm that derivatives may be used only for efficient portfolio management purposes (e.g., risk reduction, cost reduction, or income generation) but are not an inherent part of the investment strategy, thus derivatives exposure is minimal and not complexity-driving. There is no mention of synthetic replication, total return swaps, funded or unfunded swaps, or counterparty risk beyond standard custodial risk. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (5 out of 7) reflecting equity and sector concentration risk typical of real estate securities, but not complexity from structural features. Costs are straightforward with a TER of 0.59%, no performance fees, and no complex fee structures. The monthly factsheet confirms physical holdings in 329 listed real estate securities with no indication of derivative or swap usage. No capital protection or structured features are present. There are no complexity flags such as capital guarantees, barrier options, or contingent return formulas. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with transparent holdings and no synthetic or leveraged elements. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}