{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS MSCI Australia UCITS ETF",
    "investment_objective": "Track performance of the MSCI Australia Index (Net Return), investing in mid and large capitalization Australian companies",
    "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 fund uses physical full replication of the MSCI Australia Index, holding all shares in the same proportions as the index. The KIID and PRIIPs KID mention that derivatives may be used only in exceptional circumstances for risk reduction or cost efficiency, not as an inherent part of the investment strategy, implying derivatives are used for hedging rather than exposure. There is no mention of synthetic replication, swap agreements, or counterparty risk beyond standard derivative risk disclosures. The fund is UCITS compliant, with a TER of 0.40%, no performance fees, and no leverage or inverse exposure. The risk profile is medium (5/7 in KIID, 4/7 in PRIIPs KID), reflecting equity market volatility rather than complexity. The factsheet confirms physical replication, no use of swaps, and investment in liquid, transparent equities. No capital protection or structured features are present. No complex underlying assets such as contingent convertible bonds or CLOs are held. Overall, the fund exhibits a straightforward, linear index-tracking strategy with minimal derivative use for risk management, qualifying it as non-complex under MiFID II."
}