{
    "fund_name": "UBS (Irl) ETF plc - S&P 500 UCITS ETF (hedged to CHF) A-acc",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the S&P 500 Index, which is a straightforward and transparent methodology. While the KIID mentions the potential use of derivatives for risk reduction or cost efficiency, this is explicitly stated as not being for leverage or speculative purposes. The fund's risk profile (category 6) is due to the volatility of equities rather than structural complexity. The fact sheet confirms full physical replication, and there are no indications of synthetic replication, leverage, or complex underlying assets. The use of currency hedging via foreign currency forwards is a standard practice for hedged share classes and does not introduce complexity under MiFID II.",
    "confidence": 95,
    "risk_level": 6,
    "counter_argument": "Some might argue that the use of derivatives for hedging purposes could introduce complexity. However, the derivatives are used in a limited and clearly defined manner for currency hedging and efficient portfolio management, which is explicitly permitted under MiFID II without triggering a complex classification. The transparency of the physical replication method and the straightforward nature of the underlying index further support the non-complex classification.",
    "additional_notes": "The ETF is UCITS-compliant, which generally aligns with non-complex classifications under MiFID II. The PRIIPs KID did not introduce any additional complexity factors, and the factsheet confirmed the physical replication methodology without any indications of synthetic strategies or leverage."
}