{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares MSCI Australia UCITS ETF",
    "investment_objective": "To replicate the return of the MSCI Australia Index through passive management by investing in equity securities that make up the Index.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Australia",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF aims to physically replicate the MSCI Australia Index by holding the underlying equity securities in similar proportions. There is no mention of synthetic replication, swap agreements, or total return swaps. The Fund may use financial derivatives only to help achieve the investment objective, but this is not an inherent part of the strategy and is likely for risk management purposes, so derivatives are marked false. There is no leverage or inverse exposure. The risk profile is medium-high (5 out of 7), consistent with equity market risk, but no complexity flags such as capital protection, structured features, or complex underlying assets are present. The Fund is UCITS compliant, uses physical replication, invests directly in liquid Australian equities, and has a straightforward index-tracking objective. The PRIIPs KID does not contain any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Securities lending is used but only to offset costs and does not increase complexity. Overall, the ETF is non-complex under MiFID II criteria."
}