{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Use of derivatives for currency hedging and efficient portfolio management; exposure to private equity shares; securities lending with collateral; no embedded derivatives or synthetic replication",
    "classification": "non-complex",
    "supporting_data": "The iShares Listed Private Equity UCITS ETF is a UCITS-compliant ETF that aims to replicate the S&P Listed Private Equity Index by physically holding the underlying equity securities of listed private equity companies. The fund uses derivatives only for currency hedging purposes (FX forward contracts) and possibly for efficient portfolio management, not as an inherent part of the investment strategy. There is no indication of synthetic replication or embedded derivatives such as options or swaps integral to the ETF's objective. Securities lending is employed but managed under UCITS rules with collateral and revenue sharing, which does not automatically trigger complexity. The ETF's structure and risks (market volatility, tracking error, currency risk) are transparent and understandable to retail investors with basic knowledge. The fund does not use significant leverage beyond UCITS limits. The replication method is physical, holding liquid equity securities, supporting non-complex classification. According to MiFID II Article 25(4)(a)(iv) and Article 57 criteria, UCITS ETFs that physically replicate transparent indices and use derivatives only for hedging or EPM with minimal risk impact are generally non-complex. The absence of synthetic replication, embedded derivatives, or complex structured products like CLOs further supports this classification. Therefore, this ETF is classified as non-complex under MiFID II appropriateness rules."
}