{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Unfunded swaps",
        "Synthetic replication",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The Invesco S&P 500 UCITS ETF uses unfunded swap agreements to achieve its investment objective, explicitly described as synthetic replication. The Fund holds a basket of equities that do not fully replicate the S&P 500 Index and swaps the performance of these equities with the counterparty to deliver the index return. The use of unfunded swaps introduces counterparty risk, which is highlighted in both the KIID and PRIIPs KID documents. The risk profile is medium-high (risk category 5-6), reflecting the complexity and risks associated with swap usage. There is no leverage or inverse exposure, and derivatives are used as an inherent part of the investment strategy rather than for risk management only, so derivatives are marked true only in the context of synthetic replication. The fund is UCITS compliant and an ETF. The monthly factsheet confirms the synthetic replication method, swap fees, and counterparty risk disclosures. No capital protection or structured features are present. The complexity arises primarily from the synthetic replication via unfunded swaps and the associated counterparty risk, which may be difficult for retail investors to fully understand, fulfilling MiFID II criteria for a complex financial instrument."
}