{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM USD Ultra-Short Income UCITS ETF - USD (dist)",
    "investment_objective": "Provide current income while maintaining low volatility of principal through actively managed portfolio of short-term, investment grade, U.S. Dollar-denominated fixed, variable and floating rate debt securities, primarily in the banking industry.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Primarily United States, with some exposure to Canada, UK, France, Japan, Australia, Netherlands, Germany, Sweden, Denmark, Switzerland",
    "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 USD-denominated debt securities, mainly corporate bonds in the banking sector. The investment strategy is actively managed with no benchmark tracking and no synthetic replication. The KIID and PRIIPs KID confirm the use of physical securities, with no mention of swap agreements, total return swaps, or derivative counterparty risk. Derivatives are only used for efficient portfolio management purposes, not as an inherent part of the investment strategy, so derivatives are marked false. There is no leverage, inverse or amplified exposure. The risk profile is low (category 2 out of 7), consistent with a short duration bond fund. The factsheet confirms no securities lending, no leverage, and no complex structured products or contingent capital bonds. The fund invests directly in liquid, transparent securities with a clear, linear relationship to underlying performance. Costs are straightforward with a single ongoing charge of 0.18%, no performance fees, and no swap or derivative fees. There are no capital protection or structured features. The PRIIPs KID does not carry any comprehension warnings or complexity flags. Overall, the fund\u2019s structure and holdings do not meet MiFID II criteria for complexity."
}