{
    "fund_name": "iShares Listed Private Equity UCITS ETF Hedged GBP Acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Private equity exposure",
        "Currency hedging via derivatives",
        "Potential use of CFDs"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the S&P Listed Private Equity Index, which consists of large, liquid, and listed private equity companies. While it may use financial derivative instruments (FDIs) for direct investment purposes and currency hedging, these are not extensive or complex enough to trigger a 'complex' classification under MiFID II. The fund's risk profile is rated 7, which is relatively high, but this is primarily due to the underlying private equity investments rather than the fund's structure. The use of derivatives is for efficient portfolio management and hedging, not for leverage or inverse exposure. The fund is UCITS-compliant, which typically indicates a non-complex structure. The PRIIPs KID and factsheet confirm that the fund's product structure is 'physical' and that derivatives are used for hedging and efficient portfolio management, not for complex strategies. The absence of leverage, inverse exposure, or synthetic replication methods supports the non-complex classification.",
    "confidence": 85
}