{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Derivative usage for hedging",
        "Private equity sector exposure"
    ],
    "classification": "non-complex",
    "supporting_data": "The iShares Listed Private Equity UCITS ETF primarily uses physical replication to track the S&P Listed Private Equity Index, which consists of liquid, listed private equity companies. While the fund may use financial derivative instruments (FDIs) for currency hedging and efficient portfolio management, these are not used for leverage or complex strategies. The derivatives are employed in a straightforward manner to reduce currency risk and manage costs, which does not introduce significant complexity. The fund's risk profile is transparent, and the underlying assets are liquid and publicly traded. The fund is UCITS-compliant, which imposes additional investor protection and transparency requirements. The KIID and factsheet do not indicate the use of swaps, leverage, or inverse strategies, and the fund's objective is clearly aligned with tracking a well-defined index. The risk level is rated 7, but this is primarily due to the nature of private equity investments rather than structural complexity.",
    "confidence": 90
}