{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Lux) Fund Solutions - MSCI Canada UCITS ETF (hedged to GBP) A-dis",
    "investment_objective": "To replicate the price and return performance of the MSCI Canada 100% hedged to GBP Index (Net Return) through direct investments in all or substantially all of the component securities and/or through the use of derivatives where direct replication is not possible or practical.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Canada",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF primarily uses physical replication with full replication of the MSCI Canada Index, as confirmed by the fund fact sheet stating 'Physical (Full replicated)'. The KIID and PRIIPs KID mention that derivatives may be used only where direct replication is not possible or to generate efficiencies, indicating derivatives are used as a risk management or operational tool rather than as an inherent element of the investment strategy. The documents mention the use of OTC derivatives (currency forwards) for currency hedging purposes, with counterparty risk mitigated by collateral policies. There is no mention of synthetic replication, total return swaps, funded or unfunded swaps, or leverage. The fund is UCITS compliant. The risk profile is medium (4 out of 7 in PRIIPs KID, 5-6 in KIID), reflecting equity market volatility rather than complexity. No capital protection or structured features are present. Costs are straightforward with no performance fees or complex fee structures. The underlying assets are liquid Canadian equities, with no complex bonds or structured products. The PRIIPs KID does not include any comprehension warnings or complexity flags. Therefore, despite some use of derivatives for hedging and operational efficiency, the fund does not meet the MiFID II criteria for a complex financial instrument."
}