{
    "fund_name": "UBS (Irl) ETF plc - 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 is classified as non-complex under MiFID II for the following reasons:1. Physical replication: The fund uses physical replication to track the MSCI Australia Index, holding all the shares of the index in the same proportions.2. No leverage or inverse exposure: There is no mention of leverage, inverse exposure, or amplified returns in the KIID or PRIIPs KID.3. Minimal derivative usage: While the KIID mentions that the fund 'may' use derivatives for risk reduction, cost reduction, or generating additional capital/income, the fact sheet confirms that the fund uses physical replication and does not mention any derivative usage. The 'may' language is standard in prospectuses and does not indicate actual derivative usage.4. Simple risk profile: The fund is classified as risk category 6 (out of 7) due to the volatility of equities, but this is a standard risk profile for equity ETFs and does not indicate complexity.5. UCITS compliance: The fund is UCITS-compliant, which typically indicates a non-complex structure suitable for retail investors.6. Transparent underlying assets: The fund invests in large and mid-cap stocks listed on Australian markets, which are liquid and transparent securities.The only potential complexity factor is the mention of derivative usage in the KIID, but this is not supported by the fact sheet, and the language is permissive rather than indicative of actual usage. Therefore, the fund is classified as non-complex.",
    "confidence": 95
}