{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM BetaBuilders EUR Govt Bond UCITS ETF",
    "investment_objective": "Provide exposure to Euro-denominated government bonds issued by Eurozone countries, tracking the J.P. Morgan EMU Government Bond Index Select Maturity",
    "primary_asset_class": "bond",
    "geographic_focus": "Eurozone countries",
    "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 using optimisation methodology to build a representative portfolio of Euro-denominated government bonds. The KIID and PRIIPs KID explicitly state that the fund may use financial derivatives only for efficient portfolio management purposes, not as an inherent part of the investment strategy, implying derivatives are used for risk management rather than exposure. There is no mention of synthetic replication, swap agreements, total return swaps, or counterparty risk exposure. The replication is physical with representative sampling of the index. There is no leverage, inverse or amplified exposure. The underlying assets are straightforward government bonds, liquid and transparent, with no complex structured products or contingent bonds. The risk profile is moderate-low (risk level 3-4), consistent with a non-complex bond ETF. Costs are simple with a low ongoing charge (0.10%) and no performance fees or swap fees. The factsheet confirms no synthetic replication or swap usage and shows a clear linear relationship to the underlying index performance. No capital protection or structured features are present. No complexity warnings or comprehension warnings appear in the PRIIPs KID. Therefore, under MiFID II criteria, this ETF is classified as non-complex."
}