{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Irl) ETF plc - MSCI Australia UCITS ETF (hedged to GBP)",
    "investment_objective": "Passive management seeking to track the MSCI Australia 100% hedged to GBP Index (Net Return), investing primarily in mid and large capitalization Australian equities.",
    "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 uses physical full replication of the MSCI Australia 100% hedged to GBP Index, holding all shares in the same proportions as the index. The currency hedge is implemented via short-dated foreign currency forwards to reduce currency risk, which is a risk management technique rather than an inherent derivative strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty exposure related to derivatives. The fund does not employ leverage, inverse or amplified exposure. The risk profile is medium (4 out of 7 in PRIIPs KID, 5-6 in KIID), consistent with equity market volatility, not complexity. The fund is UCITS compliant. Costs are straightforward with a TER of 0.43%, no performance fees, and no complex fee structures. The fund invests directly in liquid, transparent equity securities with no complex underlying assets such as contingent convertible bonds or CLOs. The PRIIPs KID does not include any comprehension warnings or complexity flags. The monthly factsheet confirms physical replication and no use of swaps or synthetic structures. Overall, the fund\u2019s structure and documentation indicate a straightforward, transparent, and non-complex ETF under MiFID II criteria."
}