{
    "name": "UBS Core S&P 500 UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": [
        "Currency hedging using derivatives",
        "Potential use of derivatives for risk management"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication to track the S&P 500 Index and employs derivatives only for currency hedging and risk management purposes, not for leverage or complex strategies. The risk profile is transparent, and the underlying assets are liquid and straightforward. The KIID and factsheet indicate that derivatives are used in a limited and controlled manner, consistent with efficient portfolio management rather than as a core investment strategy.",
    "confidence": 90,
    "risk_level": 6,
    "counter_argument": "While the ETF does use derivatives for currency hedging, this is a common and well-understood practice in UCITS-compliant funds and does not introduce complexity that would require specialist knowledge. The derivatives are not used for leverage or to create a complex payoff structure, and the overall risk profile remains aligned with the underlying index.",
    "final_reasoning": "The ETF is classified as non-complex because it uses physical replication, has a clear and transparent investment objective, and employs derivatives only for hedging and risk management in a manner that does not introduce material additional risk or complexity. The risk level of 6 is consistent with the volatility of the underlying index, and the fund's structure is straightforward and suitable for retail investors."
}