OK, I tried to link to my and others’ posts about it but am too lazy to find them. So I’m jotting it down once again as I understand it (for you as a Swiss-resident personal investor, with form W8-BEN):
You receive 100% of distributions from the Irish ETF to you.
You receive 85% of distributions from the U.S. ETF to you - though might be able to recuperate.
The Irish ETF receives 85% of dividends distributed from U.S. companies (15% non-reclaimable).
The U.S. ETF receives 100% of dividends distributed from U.S. companies.
EDIT: REandSTOCK narrowly beat me on it 