{
    "fund_name": "iShares S&P 500 Swap UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using unfunded total return swaps",
        "Counterparty risk exposure",
        "Derivative-based exposure to S&P 500"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses unfunded total return swaps for synthetic replication of the S&P 500 Index, which introduces counterparty risk and derivative exposure. While the underlying index (S&P 500) is straightforward, the use of swaps and the synthetic structure make the fund complex under MiFID II. The KIID explicitly mentions counterparty risk and the sensitivity of derivatives, which are key complexity indicators. The PRIIPs KID and factsheet confirm the synthetic structure and swap-based exposure, reinforcing the complexity classification.",
    "confidence": 90
}