{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - MSCI Australia UCITS ETF (hedged to CHF) A-acc",
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fund that physically replicates the MSCI Australia 100% hedged to CHF Index by holding all or substantially all underlying shares in the same proportions as the index. The fund uses currency forwards solely for hedging currency risk, not for synthetic replication or leverage. There is no mention of swap agreements, total return swaps, or derivative instruments used as part of the core investment strategy. The fund does not employ leverage, inverse or amplified exposure. The risk profile is medium (risk category 4 in PRIIPs KID, 5-6 in KIID), reflecting equity market volatility rather than complexity. The fund invests directly in liquid equities, with no exposure to complex underlying assets such as contingent convertible bonds or CLOs. Costs are straightforward with a single ongoing charge (TER) of 0.43%, no performance fees, and no swap or derivative fees. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical full replication and no synthetic or swap-based replication. The use of derivatives is limited to currency hedging and occasional risk/cost reduction, which does not trigger the 'derivatives' flag under MiFID II complexity rules. Therefore, the fund is classified as non-complex."
}