{
    "success": true,
    "data": {
        "type": "ETF",
        "ucits": true,
        "replication_method": "physical",
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "complex_factors": [
            "Index methodology not specified"
        ],
        "classification": "non-complex",
        "supporting_data": "The iShares European Property Yield UCITS ETF aims to replicate the FTSE EPRA/Nareit Developed Europe ex UK Dividend + Index by holding the underlying equity securities. The fund is passively managed and uses physical replication. The document states that UCITS ETFs are generally presumed non-complex due to their regulated nature. The index composition is based on listed real estate companies and REITs, which are typically understandable to retail investors. There is no mention of derivatives being integral to the strategy, leverage, or any other complex features. While securities lending is mentioned, it's for generating additional income and not a primary driver of complexity. The risk indicator is rated six, but this is attributed to the nature of investments (equity in property sector) rather than structural complexity. The core investment strategy is straightforward: tracking a property equity index. As per MiFID II and CESR guidelines, physical replication of a transparent index generally leads to a non-complex classification, provided no other complex features are present. The KIID does not indicate any elements that would typically classify it as complex under MiFID II."
    }
}