{
    "type": "ETF",
    "ucits": true,
    "fund_name": "UBS BBG MSCI Euro Area Liquid Corp Sustainable UCITS ETF",
    "investment_objective": "Passive management aiming to track the Bloomberg MSCI Euro Area Liquid Corporates Sustainable Total Return Index using stratified sampling and portfolio optimisation techniques.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Euro Area",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses a physical replication method with stratified sampling to track an investment grade Eurozone corporate bond index. The KIID and factsheet explicitly state physical replication and no securities lending. There is mention that derivatives may be used, but only potentially for risk reduction or efficient portfolio management, not as an inherent part of the investment strategy, so derivatives are marked false. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk exposure. The fund is UCITS compliant. The risk profile is moderate (risk category 4 in KIID) and low risk (category 2 in PRIIPs KID), consistent with a straightforward bond ETF. No leverage, inverse or capital protection features are present. The underlying assets are investment grade corporate bonds, which are liquid and transparent. Costs are simple 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 appears to be a generic warning rather than due to structural complexity. The factsheet confirms no use of swaps or synthetic replication. Overall, the ETF is non-complex under MiFID II criteria."
}