{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The Xtrackers S&P 500 UCITS ETF 2C GBP Hedged is a UCITS-compliant ETF that physically replicates the S&P 500 Index by direct purchase of underlying securities, as confirmed by the factsheet stating 'Portfolio Methodology: Direct Replication (physically)'. The fund uses derivatives only for currency hedging purposes to reduce the effect of exchange rate fluctuations between the USD-denominated assets and GBP share class currency, which is a risk management technique rather than an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to replication. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium-high (category 5 out of 7) reflecting market risk of US equities and currency hedging risk, but not complexity from derivatives or leverage. Costs are straightforward with a low ongoing charge of 0.09% and no performance fees or swap fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The fund\u2019s strategy is transparent, linear, and based on a well-known, liquid, and widely understood index. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}