{
    "success": true,
    "data": {
        "complex": false,
        "leverage": false,
        "derivates": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "None identified. The ETF tracks a well-documented index (S&P 500 hedged to CHF) using physical replication. While it mentions the potential use of derivatives for portfolio management (EPM), this is not an inherent element of the strategy, as it is used for reducing risks and costs rather than to gain leverage or otherwise enhance returns. The key data suggests a low-risk profile and easy understandability for retail investors.",
        "classification": "non-complex",
        "supporting_data": "The UBS (Irl) ETF plc - S&P 500 UCITS ETF is passively managed and seeks to track the S&P 500 hedged to CHF Index.  The fund aims to hold all shares of the Index in the same proportion, reflecting the index's composition. It mentions using derivative instruments for risk reduction, cost management, or generating additional capital/income, but this is explicitly stated to be for the purpose of reducing risk and costs, not an integral part of its investment strategy.  The replication method is physical, mirroring the underlying index.  The absence of leverage, contingent convertibles, or other complex structures, and the explicit focus on replicating a well-known index (S&P 500) point toward a non-complex structure. There are no roll costs or significant contango/backwardation effects mentioned. The fund's risk profile is low to moderate, and information regarding the fund is available and transparent. These factors, and the UCITS structure, support a non-complex classification."
    }
}