{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM BetaBuilders US Equity UCITS ETF - USD (dist)",
    "investment_objective": "To provide returns that correspond with those 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, implying 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. Leverage, inverse or amplified return features are absent. The risk profile is medium-high (5/7) reflecting equity market volatility, not complexity. The ongoing charges are low (0.05%) with no performance fees or complex fee structures. The underlying assets are liquid US equities with no complex structured products or contingent bonds. The factsheet confirms no synthetic replication or swap usage and shows a straightforward market cap weighted index. No capital protection or structured features are present. The PRIIPs KID does not include any comprehension warnings or complexity flags. Overall, the ETF exhibits a clear, linear relationship to the underlying index performance with minimal derivative use solely for risk management, qualifying it as non-complex under MiFID II."
}