{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Developed Markets Property Yield UCITS ETF USD (Acc)",
    "investment_objective": "To track the FTSE EPRA/Nareit Developed Dividend + Index, providing capital growth and income through investment in listed real estate companies and REITs from developed markets with dividend yield >= 2%.",
    "primary_asset_class": "Equity (Real Estate Securities and REITs)",
    "geographic_focus": "Developed countries worldwide",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant physical replication ETF investing directly in listed real estate equities and REITs from developed markets. The KIID and PRIIPs KID explicitly state the use of 'optimising techniques' which may include limited use of financial derivative instruments (FDIs) for direct investment or efficient portfolio management purposes, but these are not inherent to the investment strategy and are used to reduce risk, costs, or generate additional income. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk related to derivatives as a core element. The fund does not employ leverage, inverse or amplified exposure. The risk rating is 5 out of 7, reflecting medium-high risk typical of equity real estate investments, not complexity from derivatives or leverage. The monthly factsheet confirms physical investment in 329 holdings of listed real estate companies and REITs, with no indication of synthetic structures or complex underlying assets such as contingent convertible bonds or CLOs. Securities lending is used to generate additional income but does not increase complexity. Costs are straightforward with no performance fees or swap fees. No capital protection or structured features are present. The PRIIPs KID does not carry a comprehension warning or complexity flag. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance through physical holdings, with minimal derivative use for risk management only, thus classifying it as non-complex under MiFID II."
}