{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers S&P 500 UCITS ETF 3C - CHF Hedged aims to replicate the S&P 500 Index by direct physical replication, purchasing all or a substantial number of the underlying securities. The fund uses derivatives only for currency hedging purposes to reduce exchange rate fluctuations between the fund's USD assets and the CHF share class currency, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund does not employ leverage, inverse exposure, or capital protection mechanisms. The risk profile is medium (4 out of 7), consistent with direct equity exposure and currency hedging, without additional complexity. Costs are straightforward with a single ongoing charge of 0.20% and no performance fees or swap fees. The fund is UCITS compliant, domiciled in Ireland, and regulated accordingly. The factsheet confirms physical replication and no use of synthetic structures or complex derivatives beyond currency hedging. No complex underlying assets such as contingent convertible bonds or CLOs are held. There are no complexity flags such as capital protection, structured returns, or significant counterparty risk. The PRIIPs KID does not include any comprehension warnings or complexity advisories beyond standard derivative and currency hedging risks. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}