{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - MSCI Australia UCITS ETF",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The UBS MSCI Australia UCITS ETF is a UCITS-compliant ETF that physically replicates the MSCI Australia Index by holding the underlying shares in the same proportions as the index (full physical replication). The KIID and PRIIPs KID confirm that the fund may use derivatives only in exceptional circumstances for risk reduction, cost reduction, or generating additional capital or income, but this use is ancillary and not inherent to the investment strategy, so derivatives are not considered a complexity driver here. There is no mention of synthetic replication, swap agreements, or counterparty risk exposure. The fund does not employ leverage, inverse or amplified exposure, nor does it invest in complex underlying assets such as contingent convertible bonds or CLOs. The risk profile is medium (4 out of 7 in PRIIPs KID, 5-6 in KIID), reflecting equity market volatility rather than structural complexity. The ongoing charges are straightforward with a TER of 0.40%, no performance fees, and no complex fee structures. The factsheet confirms physical full replication, no use of swaps, and a transparent portfolio of large and mid-cap Australian equities. There are no capital protection or structured features. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the fund exhibits a clear, linear relationship to the underlying index performance, with minimal derivative use only for hedging or risk management, which does not trigger complexity under MiFID II. Therefore, the fund is classified as non-complex."
}