{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - S&P 500 UCITS ETF (hedged to EUR)",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fund 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 fund uses currency forwards for hedging currency risk, but derivative instruments are only used for risk reduction, cost reduction, or generating additional capital/income, 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 or amplified exposure. The underlying assets are large-cap US equities, which are liquid and transparent. The risk profile is medium to high (risk category 5-6 in KIID, 4 in PRIIPs KID), reflecting equity market volatility rather than complexity. Costs are straightforward with a low TER (0.12%) and no performance fees or complex fee structures. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or leverage. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance with minimal derivative use for hedging only, no leverage, no complex underlying assets, and no capital protection features. Therefore, it is classified as non-complex under MiFID II criteria."
}