{
    "fund_name": "iShares MSCI Australia UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Australia Index, investing directly in the equity securities that make up the index. While it mentions the potential use of financial derivative instruments (FDIs) for direct investment purposes, there is no indication of synthetic replication, leverage, inverse exposure, or complex structured products. The risk profile is rated 6 (medium risk), but this is typical for equity ETFs and does not indicate complexity. The fund does not mention unfunded swaps, counterparty risk beyond standard market risk, or any capital protection mechanisms. The use of derivatives is likely limited to efficient portfolio management (e.g., hedging or reducing transaction costs), which does not trigger complexity under MiFID II. The PRIIPs KID and factsheet confirm the physical replication method and lack of leverage or inverse strategies. The fund is UCITS-compliant, which further supports its non-complex classification.",
    "confidence": 95
}