{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares UK Property UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares UK Property UCITS ETF aims to track the FTSE EPRA/Nareit UK Index by investing directly in the equity securities of UK listed real estate companies and REITs, using physical replication. The KIID and PRIIPs KID documents confirm the fund holds the underlying securities in similar proportions to the index, with no mention of synthetic replication, swap agreements, or total return swaps. The fund may use financial derivatives only to a limited extent for investment purposes, but this is not an inherent part of the strategy and derivative use is minimal, thus derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk profile is medium-high (5 out of 7), reflecting sector concentration and market risks typical of equity real estate investments, but not complexity from derivatives or leverage. The fund engages in short-term securities lending, but this does not increase complexity under MiFID II. The monthly factsheet confirms physical replication, no use of swaps or synthetic structures, and a straightforward portfolio of 39 listed real estate securities. No capital protection or structured features are present. Costs are simple with a TER of 0.40%, no performance fees, and no complex fee structures. Counterparty risk disclosures relate to normal custodial and securities lending counterparties, not derivative counterparties. There is no PRIIPs comprehension warning or other complexity flags. Overall, the fund is a UCITS ETF with physical replication, direct investment in liquid, transparent securities, minimal derivative use for risk management only, no leverage, and no complex underlying assets. Therefore, it is classified as non-complex under MiFID II."
}