{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Target UK Real Estate UCITS",
    "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 physically replicates the MSCI UK IMI Liquid Real Estate Index by holding equity securities and fixed income securities in similar proportions to the index. There is no mention of synthetic replication, swap agreements, total return swaps, or derivative instruments used for investment purposes. The fund uses physical replication and direct investment in underlying securities, primarily UK REITs, property companies, and liquid inflation-linked government bonds. The fund does engage in short-term securities lending, but this is a common practice to offset costs and does not imply complexity. There is no leverage, inverse exposure, or capital protection features. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 in KIID due to sector concentration), but this is consistent with the underlying asset class and not due to structural complexity. No complex underlying assets such as contingent convertible bonds or CLOs are held. The fund's costs are straightforward with a TER of 0.40%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms physical replication and no use of derivatives or swaps. There is no PRIIPs comprehension warning or complexity indication. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}