{
    "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 UCITS ETF uses a stratified sampling strategy to replicate the Bloomberg US Liquid Corporates\u2122 Index, investing primarily in a representative sample of underlying bonds. The fund achieves exposure predominantly through direct investment in bonds and transferable securities, with only potential limited use of derivatives for hedging or efficient portfolio management, not as an inherent part of the investment strategy. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk related to derivatives. The fund is UCITS compliant and uses physical replication with stratified sampling. The PRIIPs KID confirms a medium-low risk rating of 3/7, indicating moderate risk but no complexity flags such as leverage, inverse exposure, or capital protection. The monthly factsheet confirms physical replication and no securities lending. Currency risk is managed via currency forwards for hedging, which is a standard risk management technique and does not imply complexity under MiFID II. No leverage or inverse exposure is present. The underlying assets are investment grade corporate bonds, liquid and transparent, with no complex structured products or contingent convertible bonds. Costs are straightforward with a low TER and no performance fees or swap fees. Overall, the fund's structure, replication method, and risk profile align with a non-complex classification under MiFID II."
}