{
    "ucits": true,
    "type": "ETF",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "complex_factors": "Derivative use for efficient portfolio management, not central to strategy; no synthetic replication, no swaps, no leverage, no embedded derivatives, no complex indices, no contingent convertible bonds, no securities lending, no capital protection features, no opaque index, no significant leverage, no complex bonds",
    "classification": "non-complex",
    "supporting_data": "The UBS (Lux) Fund Solutions u2013 Bloomberg US Liquid Corporates 1-5 Year UCITS ETF is a UCITS-compliant, physically replicated ETF tracking a transparent, well-documented bond index. It is passively managed and uses a stratified sampling approach to achieve its objective, with the possibility of using derivatives for efficient portfolio management (EPM) purposes, such as managing inflows/outflows or hedging currency risk, but not as a central part of the investment strategy. The fund does not engage in securities lending, does not use leverage beyond UCITS limits, does not offer capital protection, and does not invest in complex bonds or structured products. The risk profile is straightforward (risk category 3), reflecting market volatility of investment-grade bonds, not structural complexity. The use of derivatives is limited and disclosed, with no indication that these introduce material counterparty risk or make the product difficult for a retail investor with basic knowledge to understand. The fundu2019s structure, risks, and objectives are transparent and easily comprehensible, supporting a non-complex classification under MiFID II Article 25(4) and Delegated Regulation Article 57[1]. There is no evidence of synthetic replication, swaps, or other features that would typically trigger a complex classification. The UCITS presumption of non-complexity is not overturned by the fundu2019s features[1]."
}