{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares US Property Yield UCITS ETF aims to track the FTSE EPRA/Nareit United States Dividend+ Index by investing directly in the equity securities of listed US real estate companies and REITs. The KIID and PRIIPs KID documents confirm 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 derivative instruments (FDIs) for risk management purposes, this use is expected to be limited and not a core element of the strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure language present. The risk profile is medium-high (5 out of 7), reflecting sector concentration and equity market risks, but not complexity from derivatives or leverage. The fund invests in liquid, transparent equity securities (REITs and real estate companies) without complex structured products or contingent bonds. The fund engages in short-term securities lending, but this does not increase complexity under MiFID II. Costs are straightforward with a single ongoing charge of 0.40%, no performance fees, and no swap or derivative fees disclosed. The monthly factsheet confirms physical replication, no use of swaps, and a straightforward portfolio of 97 holdings in listed real estate equities. There are no capital protection or structured features. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Therefore, the fund does not meet the MiFID II criteria for a complex financial instrument."
}