{
    "fund_name": "FlexShares Listed Private Equity UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Complex Index (Foxberry Listed Private Equity SDG Screened USD Net Total Return Index)",
        "Potential use of derivatives for risk management",
        "Investment in listed private equity companies"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track its index, which is a key indicator of non-complexity. However, it may use derivatives for efficient portfolio management (e.g., risk reduction, cost minimization), which is a common practice in UCITS-compliant ETFs and does not automatically trigger a 'complex' classification. The index itself is custom and tracks listed private equity companies, which may involve some complexity due to the nature of private equity investments. However, the ETF's structure, UCITS compliance, and lack of leverage or inverse strategies suggest it is suitable for retail investors. The risk profile is rated lower (1-3), and there are no capital protection mechanisms or structured features that would indicate complexity. The use of derivatives is for risk management rather than as an inherent part of the strategy, further supporting the non-complex classification.",
    "confidence": 85
}