{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Asia Property Yield UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The iShares Asia Property Yield UCITS ETF is a UCITS-compliant ETF that physically replicates the FTSE EPRA/Nareit Developed Asia Dividend+ Index by directly investing in equity securities of listed real estate companies and REITs from developed Asian countries. The KIID and PRIIPs KID documents confirm that the fund uses physical replication and does not employ synthetic replication or swap agreements. While the fund may use financial derivative instruments (FDIs), these are only for efficient portfolio management purposes such as risk reduction and cost management, not as an inherent part of the investment strategy, so derivatives are not considered a complexity driver here. There is no leverage, inverse exposure, or capital protection mechanism mentioned. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID due to sector concentration), but this is typical for equity REIT funds and does not imply complexity under MiFID II. The fund engages in securities lending, but this is disclosed transparently and does not add complexity. The monthly factsheet confirms direct investment in underlying securities with no use of swaps or synthetic structures. No complex underlying assets such as contingent convertible bonds or CLOs are held. No capital protection or structured features are present. Costs are straightforward with a TER of 0.59% and no performance fees. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with transparent physical replication and minimal derivative use limited to risk management. Therefore, it does not meet the MiFID II criteria for a complex financial instrument."
}