{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for direct investment purposes, exposure to private equity securities, securities lending",
    "classification": "non-complex",
    "supporting_data": "The iShares Listed Private Equity UCITS ETF is a UCITS-compliant, physically replicating ETF that aims to track the S&P Listed Private Equity Index by holding the underlying equity securities. While the fund may use financial derivative instruments (FDIs) for direct investment purposes, the KID does not specify that derivatives are central to the investment strategy or that synthetic replication is employed. The fund engages in securities lending, but this is a secondary activity within UCITS rules and does not dominate the risk profile. The ETF is listed, provides daily liquidity, and comprehensive information is publicly available. The risks highlighted (e.g., market risk, sector concentration, counterparty risk from derivatives and securities lending) are typical for equity ETFs and do not introduce structural complexity that would make the product difficult for a retail investor with basic knowledge to understand. There is no evidence of embedded derivatives, significant leverage beyond UCITS limits, or an opaque index. Therefore, despite some derivative use and securities lending, the ETF remains non-complex under MiFID II, as UCITS are presumed non-complex unless specific complex features are present, which are not evident here[1][2]."
}