{
    "type": "ETF",
    "ucits": true,
    "fund_name": "FlexShares\u00ae Listed Private Equity UCITS ETF",
    "investment_objective": "To closely match the risk and return characteristics of the Foxberry Listed Private Equity SDG Screened USD Net Total Return Index, less fees and expenses",
    "primary_asset_class": "Equity (Listed Private Equity Companies)",
    "geographic_sector_focus": "Developed markets, listed private equity companies",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS ETF that aims to track a custom index of listed private equity companies in developed markets. The replication method is physical, as the Fund invests in transferable securities that consist of the component securities of the Index, including common stock, depositary receipts, preferred shares, listed closed-ended funds, and convertible securities. The Fund may use derivatives such as currency forwards and exchange traded futures only for efficient portfolio management purposes to reduce risk, minimize costs, or generate additional capital or income, but these are not inherent to the investment strategy and thus derivatives are marked false. There is no mention of synthetic replication, swap agreements, or counterparty exposure. The Fund does not employ leverage or inverse strategies. The risk indicator is medium-high (5/7), reflecting the underlying asset class risk and market volatility, but not complexity from structural features. No capital protection or structured features are present. Costs are straightforward with a TER of 0.40%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The Fund invests in liquid, transparent securities with a clear, linear relationship to the underlying index performance. Although the underlying index tracks private equity companies, which may be less liquid and more volatile than broad equity indices, this does not in itself render the ETF complex under MiFID II. The use of derivatives is limited to risk management and cost efficiency, not as a core strategy. Therefore, the Fund is classified as non-complex."
}