{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Lux) Fund Solutions - Bloomberg US Liquid Corporates UCITS ETF",
    "investment_objective": "Passive management aiming to track the Bloomberg US Liquid Corporates\u2122 Index (Total Return) using stratified sampling and portfolio optimisation techniques.",
    "primary_asset_class": "Corporate Bonds (Investment Grade USD denominated bonds)",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fund investing predominantly in USD investment grade corporate bonds issued by US companies. The replication method is physical using stratified sampling and portfolio optimisation, with no indication of synthetic replication or swap usage. The KIID and PRIIPs KID both confirm that derivatives may be used only for risk management purposes, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure mentioned. The risk profile is moderate (5 in KIID, 3 in PRIIPs KID), consistent with investment grade bond risk, and no capital protection or structured features are present. The fund does not engage in securities lending. Fees are straightforward with a low TER (0.13%) and no performance fees. The monthly factsheet confirms physical replication, no securities lending, and no use of swaps or synthetic structures. The underlying assets are liquid, investment grade corporate bonds without complex contingent features. The PRIIPs KID states the product is 'not simple and may be difficult to understand' but this is likely due to bond market complexity rather than structural complexity of the ETF itself. No complexity flags such as contingent convertible bonds, leverage, or swap usage are present. Therefore, under MiFID II, this ETF is classified as non-complex."
}