{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares European Property Yield UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the FTSE EPRA/Nareit Developed Europe ex UK Dividend + Index by holding the equity securities that make up the index in similar proportions, indicating physical replication. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used as part of the core investment strategy. Derivatives may be used for risk management but not as an inherent element of the strategy, so derivatives are marked false. The fund does not employ leverage or inverse exposure. The underlying assets are listed real estate companies and REITs, which are liquid equity securities, not complex structured products or contingent convertible bonds. The risk profile is medium-high (5 out of 7), consistent with equity sector risk, but no complexity flags such as capital protection, barrier options, or structured returns are present. The fund is UCITS compliant, with a straightforward index-tracking objective and transparent holdings. Costs are simple with a TER of 0.40%, no performance fees, and no swap or derivative fees. Securities lending is used but revenue sharing does not increase costs. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Overall, the ETF is non-complex under MiFID II criteria."
}