{
    "fund_name": "UBS (Lux) Fund Solutions - Bloomberg US Liquid Corporates UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication via stratified sampling to track the Bloomberg US Liquid Corporates Index. While the KIID mentions that derivatives *may* be used, the factsheet clarifies this is for portfolio optimization rather than as a core strategy. The fund invests directly in liquid, investment-grade corporate bonds with no leverage or inverse exposure. The risk profile (category 5) reflects typical bond market volatility rather than structural complexity. The absence of counterparty risk warnings and the straightforward index-tracking objective support the non-complex classification.",
    "confidence": 90,
    "risk_level": 5,
    "counterparty_risk": false,
    "illiquid_assets": false,
    "structured_products": false,
    "capital_protection": false,
    "benchmark_complexity": "low",
    "underlying_assets": "investment-grade corporate bonds",
    "additional_notes": "The ETF's use of derivatives appears limited to portfolio optimization rather than synthetic replication or leverage. The physical replication method and focus on liquid, transparent securities align with non-complex characteristics under MiFID II."
}