{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS MSCI Australia UCITS ETF",
    "investment_objective": "Track performance of the MSCI Australia 100% hedged to USD Index (Net Return)",
    "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 is a UCITS ETF that physically replicates the MSCI Australia 100% hedged to USD Index by holding all or substantially all shares in the index in the same proportions. The fund uses derivatives only for risk reduction, cost reduction, or generating additional capital or income, but not as an inherent part of the investment strategy, and derivative use is limited and not leveraged. There is no mention of synthetic replication, swap agreements, or funded/unfunded swaps. The fund does not employ leverage or inverse strategies. The underlying assets are large and mid-cap Australian equities, which are liquid and transparent. The risk profile is medium (category 4-5), consistent with equity market volatility, but no complexity flags such as capital protection, structured features, or complex underlying assets are present. Costs are straightforward with a TER of 0.43%, no performance fees, and no complex fee structures. The PRIIPs KID confirms the fund is aimed at retail investors with basic financial understanding and does not carry a comprehension warning. The monthly factsheet confirms physical full replication and no synthetic or swap-based replication. Overall, the fund exhibits characteristics of a non-complex ETF under MiFID II criteria."
}