{
    "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 KID confirm that derivatives may be used but only to help achieve the investment objective, not as an inherent part of the strategy, and no synthetic replication or swap usage is disclosed. The monthly factsheet explicitly states the product structure as 'Physical' and does not mention any funded or unfunded swaps or total return swaps. There is no leverage, inverse exposure, or capital protection features. The risk rating is 5 out of 7 (medium-high), driven primarily by the nature of private equity securities, which can be volatile and have structural risks such as higher borrowing and liquidity constraints, but this does not imply complexity under MiFID II. Costs are straightforward with a TER of 0.75%, no performance fees, and no complex fee structures. Counterparty risk is noted but limited to custodial and derivative counterparties, with no extensive derivative or swap exposure. The fund invests directly in liquid, listed private equity companies, with no complex underlying assets like contingent convertible bonds or CLOs. Therefore, despite the medium risk profile due to asset class characteristics, the ETF does not meet MiFID II criteria for a complex financial instrument."
}