{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - S&P 500 UCITS ETF (hedged to CHF)",
    "investment_objective": "Passive management to track the S&P 500 hedged to CHF Index (Net Return)",
    "primary_asset_class": "Equity",
    "geographic_focus": "USA",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical full replication of the S&P 500 Index, holding all shares in the same proportions as the index. The fund is UCITS compliant and invests directly in equities, which are liquid and transparent. Derivative instruments are only used occasionally for risk reduction, cost reduction, or generating additional capital or income, not as an inherent part of the investment strategy, thus derivatives are considered false for complexity purposes. There is no mention of synthetic replication, swap agreements, or counterparty risk beyond normal derivative risk disclosures. The fund is not leveraged, inverse, or structured with capital protection or contingent features. The risk profile is medium (4 out of 7 in PRIIPs KID) reflecting equity market volatility, not complexity. Costs are straightforward with a low TER (0.12%) and no performance fees or swap fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance with minimal derivative use for hedging only, making it non-complex under MiFID II criteria."
}