{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The UBS BBG US Liquid Corp 1-5 UCITS ETF (ISIN LU1048315326) is a UCITS-compliant ETF that tracks the Bloomberg US Liquid Corporates 1-5 Year Index using a stratified sampling approach. The fund invests predominantly in investment grade corporate bonds with maturities between 1 and 5 years. The replication method is physical, as confirmed by the factsheet stating 'physical stratified sampling' and no mention of synthetic replication or swap agreements. The KIID and PRIIPs KID documents mention that the fund may use derivatives either for efficient portfolio management or to achieve proportionate exposure, but this is not an inherent part of the investment strategy and is limited in scope, so derivatives are considered false for complexity purposes. There is no leverage, inverse or amplified exposure; the fund is passively managed with no borrowing or gearing. The risk profile in the KIID is moderate (category 4) and low risk (category 2) in the PRIIPs KID, reflecting moderate volatility typical of investment grade corporate bond funds. There are no capital protection or structured product features. The fund does not engage in securities lending. Costs are straightforward with a TER of 0.19%, no performance fees, and no swap or derivative fees disclosed. The currency hedging is done via short-dated currency forwards (one-month forwards) to reduce FX risk, which is a common risk management technique and does not trigger complexity classification. The underlying assets are liquid, investment grade corporate bonds, with no contingent convertible bonds, CLOs, or other complex structured products. The fund's benchmark is a transparent, liquid index of corporate bonds. No complexity flags such as synthetic replication, leverage, contingent bonds, or capital protection mechanisms are present. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}