{
    "fund_name": "UBS (Irl) ETF plc - S&P 500 UCITS ETF (hedged to EUR)",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is classified as non-complex under MiFID II for the following reasons:1. Physical Replication: The fund uses physical replication (full replication) as confirmed in the fact sheet, meaning it directly invests in the securities of the S&P 500 Index.2. No Leverage or Inverse Exposure: There is no mention of leverage, inverse strategies, or amplified returns in the KIID or fact sheet.3. Minimal Derivative Usage: While the KIID mentions the possibility of using derivatives for hedging currency risk, the fact sheet confirms physical replication, and the derivatives are not used for complex strategies but rather for efficient portfolio management (currency hedging).4. Straightforward Index Tracking: The fund tracks a well-known, liquid index (S&P 500) with a clear, transparent methodology.5. UCITS Compliance: The fund is UCITS-compliant, which inherently imposes strict transparency and liquidity requirements, reducing complexity.6. Risk Profile: The fund is classified in risk category 6 (high volatility), but this is typical for equity ETFs and does not indicate complexity in structure.The only potential complexity factor is the use of derivatives for currency hedging, but this is a standard practice in many ETFs and does not trigger a 'complex' classification under MiFID II, as it is used for efficient portfolio management rather than for speculative or leveraged purposes.",
    "confidence": 95
}