{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS Core 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 Core S&P 500 UCITS ETF aims to track the S&P 500 hedged to GBP Index by holding all shares of the index in the same proportions (full physical replication). The KIID and PRIIPs KID confirm the fund is UCITS compliant and uses physical replication, not synthetic replication or swap-based structures. Derivatives are only used occasionally for risk reduction, cost reduction, or generating additional capital or income, but not as an inherent part of the investment strategy, so derivative use is considered non-complex. There is no leverage, inverse or amplified exposure mentioned. The risk profile is medium (category 4 in PRIIPs KID, category 6 in KIID based on volatility), consistent with equity market exposure, but no complexity flags such as capital protection, contingent bonds, or structured products are present. The fund uses currency forwards for hedging currency risk, which is a standard risk management technique and does not trigger complexity classification. Fees are straightforward with a low ongoing charge (0.12%) and no performance fees or swap fees. The monthly factsheet confirms physical full replication, no use of swaps, and a transparent, liquid portfolio of large-cap US equities. No complex underlying assets or structured features are held. The PRIIPs KID does not carry any comprehension warnings or complexity disclaimers. Overall, the fund is a straightforward, physically replicated, passive equity ETF with minimal derivative use for hedging, no leverage, and no complex features, thus classified as non-complex under MiFID II."
}