{
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [
        "Use of derivatives for efficient portfolio management",
        "Counterparty risk from derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Developed Markets Property Yield UCITS ETF uses physical replication as its primary method, investing directly in equity securities of listed real estate companies and REITs. While it mentions the use of financial derivative instruments (FDIs) for efficient portfolio management (e.g., risk reduction, cost reduction, and generating additional income), there is no indication of synthetic replication, leverage, or inverse strategies. The fund's risk profile is rated 6, which is relatively high but not necessarily indicative of complexity under MiFID II. The use of derivatives is for EPM (efficient portfolio management) purposes, not as an inherent part of the investment strategy. The fund is UCITS-compliant, which typically aligns with non-complex classification. The PRIIPs KID and factsheet confirm the physical replication method and the absence of leverage or inverse exposure. The counterparty risk from derivatives is noted but is not a primary driver of complexity given the EPM context.",
    "confidence": 90
}