{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM GBP Ultra-Short Income UCITS ETF - GBP (dist)",
    "investment_objective": "Provide current income while seeking to maintain a low volatility of principal through actively managed investment in investment grade, Pound Sterling-denominated, short term fixed, variable and floating rate debt securities, primarily in the banking industry.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Primarily UK and other developed markets (including Canada, US, France, Germany, Luxembourg, Netherlands, Belgium, Switzerland, Australia)",
    "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, GBP-denominated debt securities, mainly in the banking sector. The investment strategy is actively managed with no synthetic replication or use of swap agreements. The KIID and PRIIPs KID confirm that derivatives may be used only for efficient portfolio management purposes, not as an inherent part of the investment strategy, thus derivatives are not considered a complexity factor here. There is no leverage, inverse or amplified exposure. The fund holds physical bonds, not complex structured products or contingent convertible bonds. The risk profile is low (risk category 2 out of 7), consistent with short duration investment grade bonds. Costs are straightforward with a low ongoing charge (0.18%) and no performance fees. The factsheet confirms no securities lending and no use of swaps. The benchmark is a simple short-term government bill index, not a complex index. There are no capital protection or structured features. No significant counterparty risk is disclosed. Overall, the fund exhibits a clear, linear relationship to underlying bond performance, with minimal derivative use for risk management only, and no leverage or synthetic replication. Therefore, under MiFID II, this ETF is classified as non-complex."
}