{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "replication_method": "physical",
        "complex_factors": [],
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "leverage": false,
        "supporting_data": "The iShares European Property Yield UCITS ETF aims to track the FTSE EPRA/Nareit Developed Europe ex UK Dividend + Index. The ETF uses physical replication, holding the equity securities that make up the index. The index measures the performance of listed real estate companies and REITs in developed European markets (excluding the UK) that are expected to pay higher dividends. The fund may engage in short-term secured lending for income generation. The KIID states that the fund may use financial derivative instruments (FDIs) but the primary replication method is physical. Given the focus on physical replication of a real estate equity index, and no explicit mention of embedded derivatives, complex structures, or significant leverage, it is presumed non-complex. The use of securities lending for income is a common practice and, within UCITS limits and with collateralization, does not typically render an ETF complex. The risk indicator of 'six' (out of seven) reflects market risk associated with equities and property securities, not structural complexity.",
        "classification": "non-complex"
    }
}