{
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Unfunded Total Return Swaps",
        "Counterparty Risk",
        "Derivative Exposure"
    ],
    "classification": "complex",
    "supporting_data": "The iShares MSCI USA Swap UCITS ETF uses unfunded total return swaps to achieve its investment objective, which introduces significant counterparty risk and complexity. The KIID explicitly states that the fund invests in financial derivative instruments (FDIs), particularly unfunded total return swaps, to replicate the performance of the MSCI USA Index. The presence of swap agreements and the reliance on counterparties to deliver the benchmark performance are key indicators of complexity under MiFID II. Additionally, the risk profile is rated six out of seven, highlighting the elevated risk associated with derivative usage and counterparty exposure. The fund's synthetic replication method and the extensive use of derivatives for achieving its investment objective further support the classification as a complex instrument.",
    "confidence": 95
}