{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - S&P 500 UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS (Irl) ETF plc - S&P 500 UCITS ETF is a UCITS-compliant ETF that physically replicates the S&P 500 Index by holding all or substantially all of the underlying shares in the same proportions as the index (full physical replication). The KIID and PRIIPs KID documents confirm that the fund may use derivatives only in exceptional circumstances for risk reduction, cost reduction, or generating additional capital or income, but this use is not inherent to the investment strategy and derivatives are not used for leverage or synthetic replication. There is no mention of swap agreements, total return swaps, or synthetic replication structures. The fund does not employ leverage, inverse exposure, or capital protection mechanisms. The underlying assets are large-cap US equities, which are liquid and transparent. The risk profile is medium (4 out of 7 in PRIIPs KID, 6 out of 7 in KIID, reflecting equity market volatility rather than complexity). Fees are straightforward with a low ongoing charge (0.09%) and no performance fees or complex fee structures. The monthly factsheet confirms physical full replication, no use of swaps, and no leverage. There are no complex underlying assets such as contingent convertible bonds or CLOs. The fund's strategy is straightforward index tracking with a clear linear relationship to the underlying index performance. No complexity flags such as capital protection, structured features, or significant counterparty risk are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}