{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS (Lux) Fund Solutions \u2013 Bloomberg MSCI US Liquid Corporates Sustainable UCITS ETF",
    "investment_objective": "Passive tracking of Bloomberg MSCI US Liquid Corporates Sustainable Total Return Index using stratified sampling and portfolio optimisation",
    "primary_asset_class": "Corporate Bonds (Investment Grade, USD denominated)",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF uses a physical stratified sampling replication method investing directly in a representative sample of the underlying index bonds. There is no mention of synthetic replication, swap agreements, or total return swaps. The fund invests predominantly in investment grade USD corporate bonds, which are liquid and transparent securities. The risk profile is moderate with a risk category of 5 in the KIID but only 3 in the PRIIPs KID, reflecting medium to medium-low risk. The fund does not use leverage or inverse strategies, nor does it have capital protection or structured features. Derivatives are only used potentially for hedging or minor portfolio management purposes, not as an inherent part of the investment strategy. Costs are straightforward with a low TER of 0.13% and no performance fees or swap fees. The PRIIPs KID states the product is 'not simple and may be difficult to understand' but this is likely due to bond market complexity and ESG integration rather than structural complexity. The monthly factsheet confirms physical replication, no securities lending, and no synthetic swap usage. The underlying index is a broad, liquid investment grade corporate bond index with 421 constituents, no complex structured products or contingent bonds. There is no leverage or inverse exposure. Overall, the ETF aligns with MiFID II non-complex criteria due to physical replication, direct investment in liquid bonds, absence of leverage, swaps, or complex derivatives, and straightforward cost structure."
}