{
    "fund_name": "iShares S&P 500 ESG UCITS ETF EUR Hedged (Acc)",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Currency Hedging with Derivatives",
        "Counterparty Risk from Derivatives"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the S&P 500 ESG Index, which is a straightforward and transparent methodology. While derivatives (including FX forward contracts) are used for currency hedging purposes, this is considered efficient portfolio management (EPM) and does not introduce significant additional risk or complexity. The ETF does not employ leverage, inverse strategies, or complex underlying assets. The risk profile is rated 6, but this is primarily due to equity market risks rather than structural complexity. The KIID and factsheet indicate that derivatives are used for hedging rather than as a core investment strategy, and the ETF is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II.",
    "confidence": 90,
    "counter_argument": "Some may argue that the use of derivatives for hedging introduces complexity, but under MiFID II, derivatives used for EPM (such as currency hedging) do not automatically classify an ETF as complex. The ETF's primary strategy is physical replication, and the derivatives are ancillary to this objective.",
    "risk_level": 6,
    "benchmark_complexity": "low",
    "liquidity": "high",
    "counterparty_risk": "present but managed",
    "esg_screening": true
}