{
    "fund_name": "Invesco S&P 500 UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Synthetic Replication"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses unfunded swaps to replicate the S&P 500 Index, which introduces counterparty risk and reliance on derivative agreements. The KIID explicitly mentions 'Synthetic ETF Risk' and highlights the dependency on counterparties to deliver the benchmark performance. The risk category is 6, indicating higher risk, and the use of derivatives for index tracking is a key complexity indicator under MiFID II. The swap fee and counterparty exposure further contribute to the complexity.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": true,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "complex_indices": false,
    "additional_notes": "While the ETF tracks a well-known, liquid index (S&P 500), the synthetic replication method and reliance on swaps introduce complexity that may not be easily understood by retail investors. The presence of a swap fee and explicit warnings about counterparty risk in the KIID reinforce the classification as complex under MiFID II."
}