{
    "type": "ETF",
    "ucits": true,
    "fund_name": "JPM Global Aggregate Bond Active UCITS ETF - GBP Hedged (acc)",
    "investment_objective": "Achieve long-term return in excess of Bloomberg Global Aggregate Index Total Return USD Unhedged by actively investing primarily in a portfolio of investment grade debt securities globally, using financial derivative instruments where appropriate.",
    "primary_asset_class": "Bond",
    "geographic_focus": "Global including developed and emerging markets",
    "replication_method": "physical",
    "swaps": true,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Use of financial derivative instruments for exposure",
        "Active management with potential tracking error",
        "Investment in securitized debt including ABS/MBS",
        "Exposure to contingent convertible bonds and convertibles",
        "Counterparty risk due to derivative usage",
        "Currency hedging",
        "Exposure to illiquid and hard-to-value securities (e.g. emerging markets, ABS/MBS)"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is a UCITS-compliant bond ETF actively managed to outperform the Bloomberg Global Aggregate Index. It invests primarily in investment grade debt securities globally, including securitized debt (ABS/MBS) and may invest in contingent convertible bonds and convertibles, which carry complex risk profiles. The fund uses financial derivative instruments (FDI) for investment purposes and efficient portfolio management, including currency hedging. The KIID and PRIIPs documents explicitly mention derivative use, counterparty risk, and potential increased volatility due to derivatives. The replication method is not synthetic but physical/direct holdings with derivative overlays. There is no leverage or inverse exposure. The risk profile is medium (category 3-4), but the presence of contingent convertible bonds, securitized products, and derivative usage for exposure and hedging, plus counterparty risk, triggers MiFID II complexity classification. The fund's active management and derivative use imply potential tracking error and complexity beyond straightforward index tracking. The factsheet confirms derivative use for exposure and hedging, no leverage, and a diversified portfolio including complex bond types. Therefore, despite no leverage or synthetic replication, the derivative usage and complex underlying assets (CoCos, ABS/MBS) lead to a 'complex' classification under MiFID II."
}