{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM BetaBuilders US Equity UCITS ETF - USD (acc)",
    "investment_objective": "To track the performance of the Morningstar\u00ae US Target Market Exposure \u2122 Index by investing primarily in US stocks.",
    "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 Target Market Exposure Index by holding all or a representative sample of the underlying US large and mid-cap stocks. 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, indicating minimal derivative exposure. There is no mention of synthetic replication, swap agreements, or counterparty risk. The fund uses physical replication or optimisation sampling when full replication is not feasible. The ongoing charges are low (0.05%), with no performance fees or complex fee structures. The risk profile is medium-high (5 out of 7), consistent with equity market volatility, but no complexity flags such as leverage, capital protection, or structured features are present. The monthly factsheet confirms no use of swaps or leverage and shows direct holdings in liquid US equities. The fund is UCITS compliant, which imposes regulatory constraints limiting complexity. No capital protection or contingent features are described. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the ETF exhibits a straightforward, physical replication strategy with transparent holdings and no embedded leverage or complex derivatives, leading to a non-complex classification under MiFID II."
}