{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares Listed Private Equity UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Private Equity Exposure",
    "classification": "non-complex",
    "supporting_data": "The ETF aims to replicate the S&P Listed Private Equity Index by holding the equity securities that make up the index in similar proportions, indicating physical replication. The KIID and PRIIPs documents confirm the use of physical replication with no mention of synthetic replication, swap agreements, or total return swaps. While the fund may use financial derivative instruments (FDIs) to help achieve its investment objective, these are not used extensively or as an inherent part of the strategy, thus derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk rating is 5 out of 7 (medium-high), reflecting the underlying private equity sector risks, including concentration risk and potential illiquidity of private equity companies, but not complexity from derivatives or leverage. The fund is UCITS compliant, with a straightforward index-tracking objective investing directly in liquid equity securities. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. The complexity arises mainly from the nature of the underlying asset class (listed private equity companies), which may be less familiar and have structural risks, but this does not trigger a MiFID II complex classification. No capital protection or structured features are present. Costs are standard with no swap or performance fees. Therefore, the ETF is classified as non-complex under MiFID II."
}