{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Private Equity Exposure",
    "classification": "non-complex",
    "supporting_data": "The iShares Listed Private Equity UCITS ETF aims to replicate the S&P Listed Private Equity Index by holding the underlying equity securities 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. Derivatives are used only for currency hedging (FX forwards), which is considered risk management rather than an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse exposure, or capital protection features. The risk rating is 5 out of 7, reflecting medium-high risk due to the nature of private equity securities and sector concentration, but not complexity from structure. The fund uses securities lending to offset costs, but this does not increase complexity. The monthly factsheet confirms physical replication and no use of swaps or CFDs as a primary strategy, though it notes some exposure may be achieved via CFDs, this is not indicated as material or synthetic replication. The fund is UCITS compliant, with a straightforward index-tracking objective investing in liquid, listed private equity companies. Although private equity companies themselves may have complex underlying structures and higher borrowing, the ETF\u2019s structure and replication method are transparent and linear. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}