{
    "fund_name": "iShares S&P 500 EUR Hedged UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Currency Hedging via FX Forwards",
        "Derivative Usage for Hedging"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the S&P 500 index, with FX forward contracts for currency hedging. While derivatives are used, they are for efficient portfolio management (hedging) rather than for leverage or complex strategies. The fund's risk profile is straightforward, and the underlying assets (large-cap US equities) are transparent and liquid. The use of derivatives here is typical for hedged ETFs and does not introduce significant complexity beyond what retail investors can reasonably understand. The PRIIPs KID and factsheet confirm the physical replication methodology and the hedging strategy, which aligns with standard ETF practices under MiFID II.",
    "confidence": 90
}