{
    "fund_name": "UBS (Irl) ETF plc - MSCI Australia UCITS ETF (hedged to EUR)",
    "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 100% hedged to EUR Index, investing directly in the underlying equities. The KIID and fact sheet confirm no leverage, inverse strategies, or synthetic replication via swaps. The fund's risk profile (category 6) reflects equity market volatility but is typical for equity ETFs. No complex structures, contingent bonds, or structured products are mentioned. The only derivative use is for currency hedging (forward contracts), which is standard for hedged ETFs and does not trigger complexity under MiFID II. The PRIIPs KID and fact sheet reinforce this, showing no comprehension warnings or unusual risks. The fund's transparency, liquidity, and straightforward strategy align with non-complex classifications.",
    "confidence": 95
}