The iShares S&P 500 Swap ETF is designed to replicate the performance of the S&P 500 index by indirectly investing in 500 large, well-established U.S. companies across various industries. It achieves this diversification through total return swaps, providing exposure to major American multinationals and aiming to deliver long-term growth by closely mirroring the overall performance of these leading U.S. businesses.