{
    "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 listed real estate companies and REITs from developed markets. The fund uses an optimised physical replication approach, investing directly in equity securities rather than synthetic replication or swap-based structures. Derivatives are only used for currency hedging and efficient portfolio management purposes, not as an inherent part of the investment strategy, thus derivative exposure is minimal and for risk reduction rather than return amplification. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium (risk level 4 out of 7 in PRIIPs KID, 6 in KIID due to sector concentration), consistent with direct equity investment in real estate securities. The fund engages in securities lending with revenue sharing but this does not increase complexity. No references to funded or unfunded swaps, total return swaps, or counterparty risk beyond normal custodial and derivative counterparty risk disclosures are present. The underlying assets are listed equities and REITs, which are liquid and transparent. The fund does not invest in complex structured products or contingent convertible bonds. The PRIIPs KID does not carry any comprehension warnings or complexity flags. The monthly factsheet confirms physical investment and no synthetic replication or leverage. Overall, the fund exhibits none of the MiFID II complexity triggers such as synthetic replication, leverage, complex underlying assets, or capital protection mechanisms, leading to a non-complex classification."
}