{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM BetaBuilders US Small Cap Equity UCITS ETF - USD (dist)",
    "investment_objective": "To provide returns that correspond with those of the Morningstar\u00ae US Small Cap Target Market Exposure\u2122 Index by replicating the index performance as closely as possible.",
    "primary_asset_class": "Equity",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The ETF pursues a passive index-tracking strategy aiming to replicate the Morningstar US Small Cap Target Market Exposure Index by holding all or a representative sample of the underlying index securities. The KIID and PRIIPs KID explicitly state that derivatives may be used only for efficient portfolio management purposes, not as an inherent part of the investment strategy, implying minimal derivative exposure. There is no mention of synthetic replication, swap agreements, or counterparty risk. The fund does not employ leverage, inverse or amplified exposure. The underlying assets are small-cap US equities, which are liquid and transparent securities. The risk profile is medium-high (5 out of 7) due to the volatility of small-cap equities, not due to structural complexity. Costs are straightforward with a low ongoing charge (0.14%) and no performance fees or swap fees. The factsheet confirms physical replication and no use of complex derivatives or structured products. There are no capital protection or structured features. No complexity flags such as contingent bonds or capital guarantees are present. The PRIIPs KID does not include any comprehension warnings or complexity disclaimers. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}