{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM EUR Ultra-Short Income UCITS ETF - EUR (acc)",
    "investment_objective": "Provide current income while maintaining low volatility of principal through actively managed portfolio of short-term Euro-denominated fixed, variable and floating rate debt securities, primarily investment grade.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Primarily Eurozone with some exposure to other developed markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant bond ETF investing primarily in short-term, investment grade Euro-denominated debt securities, with an actively managed strategy. The KIID and PRIIPs KID confirm the use of physical holdings rather than synthetic replication; derivatives are only used for efficient portfolio management (e.g., currency hedging), not as an inherent part of the investment strategy. There is no mention of swap agreements, total return swaps, or counterparty risk related to derivatives. The fund does not employ leverage or inverse strategies, and the risk profile is low (risk category 1 out of 7). The fund invests in liquid, transparent securities with no capital protection or structured features. Costs are straightforward with no performance fees or swap fees. The factsheet confirms no securities lending and no complex underlying assets such as contingent convertible bonds or CLOs. The benchmark is a simple 3-month German Treasury Bill Index used only as a reference, not for replication. Overall, the fund exhibits a clear, linear relationship to underlying assets and minimal complexity factors under MiFID II criteria."
}