{
    "fund_name": "iShares European Property Yield UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the FTSE EPRA/Nareit Developed Europe ex UK Dividend+ Index, which consists of listed real estate companies and REITs. While the KIID mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, the PRIIPs KID and factsheet confirm the fund uses physical replication. There is no evidence of synthetic replication, leverage, inverse strategies, or complex structured products. The risk profile is rated 6 (medium risk), and the fund's strategy is straightforward: investing in equity securities of real estate companies. The use of derivatives is limited to efficient portfolio management (e.g., hedging or reducing transaction costs), which does not trigger complexity under MiFID II. The fund is UCITS-compliant, further supporting its non-complex classification.",
    "confidence": 95
}