{
    "fund_name": "iShares US Property Yield UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Physical replication of US REITs and real estate companies",
        "No leverage or inverse exposure",
        "No synthetic replication or swap usage",
        "Transparent index tracking strategy"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the FTSE EPRA/Nareit United States Dividend+ Index, which consists of US-listed real estate companies and REITs. The fund does not use derivatives for investment purposes beyond potential limited use for efficient portfolio management (e.g., hedging or reducing transaction costs). The KIID and PRIIPs documents confirm the fund's straightforward strategy, with no leverage, inverse exposure, or complex structured features. The risk profile is rated 7/7, but this reflects the inherent risks of equity investments in real estate companies rather than structural complexity. The fund's transparency, liquidity, and clear risk disclosures align with non-complex classification under MiFID II.",
    "confidence": 95
}