{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Swaps",
            "Synthetic Replication"
        ],
        "classification": "complex",
        "supporting_data": "The iShares S&P 500 Swap UCITS ETF uses unfunded total return swaps as its primary replication method.  This is synthetic replication, which inherently introduces counterparty risk (the risk that the swap provider defaults) and collateral risk (the risk that the collateral securing the swap is insufficient).  These risks are difficult for retail investors with basic knowledge to understand, making it complex under MiFID II.  The use of derivatives is central to achieving the investment objective, further supporting the complex classification. The ETF also notes that it may use options and non-deliverable futures in circumstances where the swaps are not feasible, further adding to its complexity. While the S&P 500 index itself is relatively transparent, the use of derivatives to track it makes the ETF's structure opaque and therefore complex."
    }
}