{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM USD Ultra-Short Income Active UCITS ETF - USD (acc)",
    "investment_objective": "Provide current income while seeking to maintain a low volatility of principal through an actively-managed portfolio of short term USD-denominated fixed, variable and floating rate debt securities.",
    "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, actively managed bond ETF investing primarily in short-term, investment grade USD-denominated debt securities, with a focus on the banking sector. The KIID and PRIIPs KID documents confirm that the fund does not use synthetic replication or swap agreements; it uses physical holdings of bonds and money market instruments. The fund may use derivatives only 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 rating is low (2 out of 7), indicating low volatility and risk. The fund holds some asset-backed securities and CLOs, but these are a small part of the portfolio and typical for bond funds; no contingent convertible bonds or complex structured products are mentioned. Costs are straightforward with a single ongoing charge of 0.18%, no performance fees, and no swap or derivative fees. The fund promotes ESG characteristics but this does not add complexity under MiFID II. The benchmark is a simple 3-month US Treasury Bill index used only as a reference, not for replication. The factsheet confirms no securities lending and no complex derivative usage. No capital protection or structured features are present. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Overall, the fund\u2019s structure, investment strategy, and risk profile align with a non-complex classification under MiFID II."
}